Sam Bankman-Fried, founder of FTX, is arrested in The Bahamas

Bahamian authorities have arrested Sam Bankman-Fried, the founder and ex-CEO of cryptocurrency exchange FTX, after the U.S. filed criminal charges.Author:NamciosPublish date:Dec 12, 2022Bahamian authorities have arrested Sam Bankman-Fried, the founder and ex-CEO of cryptocurrency exchange FTX, after the U.S. filed criminal charges.Sam Bankman-Fried, the founder and former CEO of Bitcoin and cryptocurrency exchange FTX, has been arrested in the Bahamas by local authorities.The arrest followed receipt of formal notification from the U.S. that it had filed criminal charges against SBF, per a statement from the Attorney General of the Bahamas. SBF’s extradition will likely be requested. Although SBF has been in the news for some time, it was only recently that the story became more serious. As a Jane Street alumnus, the crypto founder eventually led his creations, FTX, and Alameda Research to insolvency after SBF’s serious mismanagement of users funds was exposed. The disgraced entrepreneur filed for Chapter 11 bankruptcy protection, and resigned his position as CEO. SBF refused to answer the more difficult questions and said that he didn’t know how to commingle funds. The story is about to change as prosecutors attempt to unseal the indictment Tuesday morning. A source familiar with the matter told The New York Times that charges brought against SBF include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.Tagsterms:ArrestSam Bankman-FriedFTXBahamasMoney launderingFraud

 

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