Former FTX CEO Sam Bankman-Fried arrested by Bahamian authorities

Sam Bankman-Fried, the previous CEO of bankrupt crypto alternate FTX, was arrested on Monday by Bahamian authorities, in response to a press release by the Workplace of the Legal professional Basic & Ministry of Authorized Affairs of the Bahamas.

Police within the Bahamas arrested SBF following a proper notification by the U.S. authorities that it had filed prison prices towards the 30-year-old and sure will request his extradition, in response to the assertion.

“The Bahamas and america have a shared curiosity in holding accountable all people related to FTX who might have betrayed the general public belief and damaged the legislation,” the assertion learn. “Whereas america is pursuing prison prices towards SBF individually, The Bahamas will proceed its personal regulatory and prison investigations into the collapse of FTX, with the continued cooperation of its legislation enforcement and regulatory companions in america and elsewhere.”

In a tweet on Monday night, Damian Williams, the U.S. Legal professional for the Southern District of New York, confirmed that Bahamian authorities had arrested SBF on the request of the U.S. authorities based mostly on a sealed indictment filed by the U.S. Legal professional’s workplace.

Williams stated he would supply extra data on Tuesday morning when the indictment is ready to be unsealed.

The Workplace of the Legal professional Basic & Ministry of Authorized Affairs stated it will adjust to any extradition request.

Final month, FTX declared chapter and SBF stepped down as CEO following a extreme “liquidity subject.” After in search of a buyout from competing crypto exchanges, Binance, the world’s largest crypto alternate, appeared set to purchase the beleaguered firm. CEO Changpeng Zhao and Binance in the end backed out of the deal, citing points “past our management or capability to assist.

Bankman-Fried has been accused of improperly accessing buyer funds at his crypto alternate FTX to fund dangerous bets on the buying and selling agency he based, Alameda Analysis. He was set to testify earlier than the Home Monetary Providers Committee on Tuesday.

Our new weekly Impression Report publication examines how ESG information and tendencies are shaping the roles and tasks of at the moment’s executives. Subscribe right here.

Supply hyperlink

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button