FTX Crypto King Sam Bankman-Fried Arrested in the Bahamas

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image: Bloomberg (beautiful pictures)

Sam Bankman-Fried, central figure in the collapse of the crpyto exchange FTXhas just been arrested in The Bahamas and is likely to be quickly extradited to the US to face criminal charges.

Like CNBC reportAuthorities in the Bahamas released a statement that read:

The Bahamas and the United States have a common interest in holding all individuals involved in FTX responsible who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against the individual SBF, the Bahamas will continue its own criminal and legal investigations into the collapse of FTX, with the continued cooperation of the law enforcement partners and regulators in the United States and elsewhere.

US authorities released a statement shortly after:

banker-fried, who sucks ass League of Legends by the way, ran FTX. In just a few short years, the cryptocurrency exchange has gone from nothing to having its name on all the sports events and magazine covers. It is considered a super value because it charges customers to buy and bet on cryptocurrencies, but also because Bankman-Fried is seen as the next tech guru that will use FTX to launch a “super app.” financial uses that make cryptocurrencies legal.

However, earlier this year, the whole thing fell apart, partly because the cryptocurrency itself is a scam, but largely because FTX in particular is a scam a lot, the fact that the senior members of the exchange have a chat group called “Wirefraud”. Bankman-Fried, who was in the Bahamas in part to avoid having to testify before the House Financial Services Committee (the FTX also moved its headquarters to the Caribbean nation last year), is now facing charges criminal charges in two countries, while his successor was in power. of what remains of FTX has publicly stated that the company has spent “$5 billion…buying countless businesses and investments, many of which may be worth only a fraction of what others are. what was paid for them”, and Bankman-Fried engaged in “unacceptable management practices.”

UPDATE 8:20 p.m. ET: The New York Times report that Bankman-Fried is being charged by US authorities with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.


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