FTX’s Crypto Kingpin Sam Bankman-Fried Arrested In The Bahamas

Sam Bankman-Fried, the central determine within the collapse of crpyto trade FTX, has simply been arrested in The Bahamas and is more likely to be shortly extradited to the USA to face legal fees.

As CNBC report, authorities in The Bahamas have launched an announcement which reads:

The Bahamas and the USA have a shared curiosity in holding accountable all people related to FTX who might have betrayed the general public belief and damaged the regulation. Whereas the USA is pursuing legal fees in opposition to SBF individually, The Bahamas will proceed its personal regulatory and legal investigations into the collapse of FTX, with the continued cooperation of its regulation enforcement and regulatory companions in the USA and elsewhere.

US authorities issued an announcement shortly afterwards:

Bankman-Fried, who sucked ass at League of Legends by the best way, ran FTX. In just some brief years the crypto trade went from nothing to plastering its title throughout all method of sporting occasions and journal covers. It was thought of tremendous worthwhile as a result of it charged prospects charges to purchase and wager on crypto, but in addition as a result of Bankman-Fried was thought of the following tech whiz who was going to make use of FTX to launch a “tremendous app” for finance that will make crypto legit.

Earlier this yr, nevertheless, all the factor collapsed, partly as a result of crypto itself is a rip-off, however largely as a result of FTX particularly was very a lot a rip-off, right down to the very fact senior members of the trade had a chat group known as “Wirefraud”. Bankman-Fried, who was in The Bahamas partially to keep away from having to testify earlier than the Home Monetary Companies Committee (FTX additionally moved its headquarters to the Caribbean nation final yr), is now going through legal fees in two nations, whereas his successor in control of what’s left of FTX has already publicly mentioned the corporate spent ”$5 billion…shopping for a myriad of companies and investments, lots of which can be value solely a fraction of what was paid for them”, and that Bankman-Fried had engaged in “unacceptable administration practices.”

UPDATE 8:20pm ET: The New York Instances studies that Bankman-Fried is being charged by US authorities with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and cash laundering.