Sam Bankman-Fried arrested by Bahamian authorities

Last Updated on 43 mins by John Piper

The United States government issued a warrant for Sam Bankman-Fried’s arrest. He was the former CEO of FTX. Bankman-Fried was scheduled to testify before Congress about his actions in the FTX saga.

Ryan Pinder (Bahamas Attorney General) and Minister for Legal Affairs stated that Bankman-Fried had been arrested by the Royal Bahamas Police Force. An anonymous source with knowledge of the details said that Bankman-Fried was being charged with wire and securities fraud, conspiracy fraud, and money laundering in the United States under FTX.

According to a public tweet by the Southern District of New York’s Attorney’s Office Bankman-Fried was arrested in Bahama based on a sealed SDNY indictment. The Attorney’s Office plans to unseal the indictment this morning.

The United States government is likely to issue Bankman-Fried’s extradition. This will be done by the Bahamas. The Bahamian Prime Minster Philip Davis claims that both the United States of America and the Bahamas have a “shared interest” to hold those responsible for the operation of the now-defunct FTX cryptocurrency exchange. This is due to fraud in the exchange, as well as the breach of customer protection and public trust.

The United States Department of Justice is investigating how FTX might have transferred millions of dollars while simultaneously declaring bankruptcy. It also examines whether this was illegal. Gleichzeitig, the Bahamian authorities are conducting their own investigations into FTX’s activities.

Coin Insider first published the article Sam Bankman-Fried was arrested by Bahamian officials

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