Sam Bankman-Fried arrested

Blockchain Technology

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

The founder of FTX was arrested by the Bahamas authorities early this morning Vietnam time.

FTX founder arrested in the Bahamas. Photo: Jeenah Moon .

Sam Bankman-Fried, founder of FTX, has been arrested by Bahamian authorities, CNBC reported.

The arrest came after federal prosecutors in the Southern District of New York (SDNY) shared a sealed indictment with the Bahamas government , setting the stage for the former cryptocurrency billionaire’s extradition and trial in the United States.

Damian Williams, the SDNY's attorney general, said on Twitter that the federal government expects to unseal the indictment soon.

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

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

Prime Minister Philip Davis' statement also confirmed that the Caribbean nation will continue its own criminal and legal investigations into the collapse of FTX, which are being conducted in parallel with the US, with continued cooperation from law enforcement partners, regulators in the US and elsewhere around the world .

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

At that point, FTX and its affiliates filed for bankruptcy, and Sam Bankman-Fried resigned as CEO.

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Sam Bankman-Fried Arrested Cryptocurrency FTX Sam Cryptocurrency Bahamas Arrested