FTX Founder Sam Bankman-Fried Arrested in the Bahamas on U.S. Charges
Sam Bankman-Fried (SBF), the founder of the troubled cryptocurrency exchange FTX, has been arrested by the Royal Bahamas police upon the U.S. government’s request.
Acting on a sealed indictment, SBF was detained by authorities, just a day before his scheduled testimony before Congress.
The Bahamas Attorney General’s Office announced SBF’s arrest and imminent extradition to the USA to face trial, following “formal notification from the United States” regarding criminal charges that include wire and securities fraud, conspiracy, and money laundering.
The charges stem from SBF’s substantial involvement in FTX’s downfall, which led to the loss of customer funds, impacting over a million individual investors.
Despite his scheduled appearance before the House Financial Services Committee, United States Attorney Damian Williams confirmed SBF’s custody based on a sealed indictment, set to be disclosed and explained.
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.
— US Attorney SDNY (@SDNYnews) December 12, 2022
SBF, who has been attempting to mitigate his actions in recent weeks, expressed remorse to the New York Times, acknowledging mistakes but denying fraudulent intentions.
In a Twitter spaces chat earlier today, SBF indicated he wouldn’t physically attend the House committee hearing due to concerns about the “paparazzi effect” his presence might cause.
However, his plans for remote testimony have been halted by his arrest.
Depending on the details unsealed by the Southern District Attorney’s office tomorrow, Bankman-Fried could face a lengthy sentence. Wire and bank fraud on this scale could result in life imprisonment, as seen in previous legal cases like Theranos CEO Elizabeth Holmes and Ponzi scheme mastermind Bernie Madoff.
Justice will now take its course.
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