The former CEO of failed crypto firm FTX, Sam Bankman-Fried, has been arrested in the Bahamas and will soon be extradited to the US
The co-founder and former CEO of bankrupt crypto trading firm FTX has been arrested in the Bahamas after the U.S. attorney for the Southern District of New York shared a sealed indictment with the Bahamian government.
Bankman-Fried is under criminal investigation by US and Bahamian authorities following the collapse last month of FTX, which saw the former “crypto king” lose around $32 billion (£27.7 billion-€32.23 billion).
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities on the evening of Monday, December, 12 after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.
His arrest is the first concrete move by regulators to hold individuals accountable for the multibillion-dollar implosion of FTX last month.
Please remember to check back for updates on this story as further arrests are possible.
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