Sam Bankman-Fried has been arrested.

Blockchain technology

Tuesday, December 13, 2022 07:21 (GMT+7)
07:21 13/12/2022

The founder of FTX was arrested by Bahamian authorities early this morning, Vietnam time.

The founder of FTX was arrested in the Bahamas. Photo: Jeenah Moon .

CNBC reports that Sam Bankman-Fried, the founder of FTX, has been arrested by authorities in the Bahamas.

This arrest was made after federal prosecutors in the Southern District of New York (SDNY) shared a sealed indictment with the Bahamian government , paving the way for the extradition and trial of the former cryptocurrency billionaire to take place in the United States.

Damian Williams, the SDNY's prosecutor, said on Twitter that the federal government expects to unseal the indictment as soon as possible.

Meanwhile, Bahamas Attorney General Ryan Pinder said the U.S. has filed unspecified criminal charges against Sam Bankman-Fried and requested his extradition.

“Bahamas and the United States share a common interest in holding accountable all individuals associated with the FTX exchange who may have betrayed the public trust and violated the law,” Bahamas Prime Minister Philip Davis said in a statement.

Prime Minister Philip Davis's statement also confirmed that the Caribbean nation will continue its own criminal and legal investigations into the collapse of FTX, conducted in parallel with the US in the ongoing cooperation of US and other law enforcement and regulatory partners around the world .

Sam Bankman-Fried is expected to testify before the House Financial Services Committee tomorrow. The arrest of the FTX founder is the first concrete step by regulators to hold individuals accountable following the FTX disaster that wiped out billions of dollars worth of cryptocurrency last month.

At that time, FTX and its subsidiaries had filed for bankruptcy, and Sam Bankman-Fried had resigned as CEO.

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Sam Bankman-Fried arrested. FTX cryptocurrency. Sam Bahamas arrest.