FTX founder arrested

According to CNBC, Sam Bankman-Fried, the founder of FTX, was arrested by Bahamas authorities on December 12.

This arrest was made after the American bar association for the Southern District of New York (SDNY) shared a sealed indictment with the Bahamas government, setting the stage for the extradition and trial of the billionaire money tycoon. One-time electronics will take place in America.

SDNY’s Bar Association representative, Damian Williams, said on Twitter that the federal government expected to open the seal of the indictment as soon as possible.

Meanwhile, Bahamas attorney general Ryan Pinder said the US had filed unspecified criminal charges against Sam Bankman-Fried, and requested the man’s extradition.

Bahamas Prime Minister Philip Davis shared: “Bahamas and the United States have a common interest in holding all individuals involved in the FTX exchange who may have betrayed public trust and violated the law. “.

Prime Minister Philip Davis’ statement also confirmed the Caribbean nation would continue its own criminal and legal investigations into the collapse of FTX, conducted in tandem with the US with ongoing cooperation. by law enforcement partners, regulators in the United States and elsewhere in the world.

Sam Bankman-Fried is scheduled to testify before the House Financial Services Committee on December 13. The arrest of the FTX founder is the first concrete move by regulators to hold the individuals involved accountable after the FTX disaster that wiped out billions of dollars in cryptocurrencies last month.

In November, FTX and its affiliates filed for bankruptcy, and Sam Bankman-Fried resigned as CEO.

Ref: CNBC