FTX Founder Sam Bankman Fried Arrested in Bahamas

Arrested for ‘financial offenses’ against the US law, Bankman will now be presented before a magistrates’ court

Crypto exchange founder Sam Bankman Fried just got arrested in the Bahamas. Announcing the news, Bahamas attorney general said that Bankman will now be presented before a magistrates’ court located in Bahamian capital Nassau.

According to the statement from Bahamian police, the FTX founder is arrested for ‘financial offenses’ against the US and Bahamian law.

Filing for bankruptcy last month, the FTX crash became one of the biggest in crypto history. Wiping 94% of Sam Bankman Fried’s wealth, the crash also made over a million people unable to withdraw their funds from the FTX exchange.

Court filings suggest that FTX currently owes over $3.1 billion to some of its largest creditors putting the company under deep waters.

Regarded as the new age ‘Warren Buffet’, Bankman was a big name in the crypto industry. Just until last year, the FTX founder had a net worth of around $15 billion.

Talking to the media, Bahamas attorney general said that “Mr Bankman-Fried will be held in custody pursuant of our nation’s Extradition Act.”

Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY [Southern District of New York]. We expect to move to unseal the indictment in the morning and will have more to say at that time,” said the US Attorney Office in its tweet.

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