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    End Of The Road: FTX Former CEO Sam Bankman-Fried Collared In The Bahamas


    After the anticipation, drama and conspiracy theories, Sam Bankman-Fried – the previous chief govt and founding father of the fallen crypto change FTX – is lastly arrested, a number of information shops reported.

    Authorities arrested Bankman-Fried on Monday, December 12, in The Bahamas – the place FTX is headquartered – after the crypto tycoon was criminally charged by U.S. prosecutors.

    Bankman-Fried was arrested with none untoward incident.

    “Earlier this night, Bahamian authorities arrested Samuel Bankman-Fried on the request of the U.S. authorities, primarily based on a sealed indictment filed by the southern district of New York,” Damian Williams, the U.S. Legal professional for the Southern District of New York, tweeted, in line with Agence France-Presse by way of The Philippine Star.


    Former FTX CEO Sam Bankman-Fried. Picture: Spencer Heyfron.

    Collared Earlier than Congress Look

    The arrest happens shortly earlier than Bankman-Fried’s digital look earlier than the Home Monetary Providers Committee on Tuesday, the place he was anticipated to talk on the failure of the cryptocurrency change one month in the past.

    The Bahamas legal professional common’s workplace issued a information launch stating that they might be holding Bankman-Fried in anticipation of an extradition request from the U.S. authorities.

    His arrest is the primary tangible step taken by authorities to carry people chargeable for the multibillion-dollar disaster of FTX.

    Rep. Maxine Waters (D-CA), who chairs the Home Monetary Providers Committee, expressed “shock” at his seize and remorse that the U.S. Congress isn’t going to have the ability to hear his facet of the story.

    Working FTX, Bankman-Fried gathered billions of {dollars} in private wealth. The arrest is a startling reversal of fortune for the 30-year-old mogul who referred to as the pictures at one of many world’s greatest crypto exchanges, which was valued at $32 billion early this 12 months.

    Sam Bankman-Fried Going through A number of Legal Fees

    Celebrities promoted his change platform in tv commercials, and the technological prodigy grew to become such a daily fixture in Washington, the place he contributed tens of thousands and thousands of {dollars} to numerous political campaigns.

    In line with Reuters (by way of Rappler), FTX, Bankman-Fried’s dad and mom and senior executives of the corporate acquired over 20 properties within the Bahamas valued over $120 million in the course of the previous two years.

    In a December 12 interview with Forbes, SBF as soon as once more blamed Binance CEO Changpeng Zhao for his firm’s downfall. He alleged that “CZ” meant to stifle competitors by destroying FTX.

    Bitcoin plummeted to a two-year low following the collapse of FTX as buyers feared the corporate’s points would unfold to different crypto organizations, which they did.

    In the meantime, New York Occasions disclosed, citing a supply with information of the state of affairs, that Bankman-Fried is charged with wire fraud, securities fraud, wire fraud conspiracy, securities fraud conspiracy, and cash laundering.

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