Sam Bankman-Fried’s arrest comes just 24 hours before he is scheduled to testify before Congress
THE Sam Bankman-Fried was arrested in the Bahamas as the one-time billionaire is being investigated for a series of financial crimes. Sam Bankman-Fried’s arrest comes just 24 hours before he is scheduled to testify before Congress.
Police in the Bahamas have arrested the former CEO of FTX, the country’s attorney general announced, adding that the Bahamas has received formal notice from the US of criminal charges against him.
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US 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
Fried is expected to be extradited to the United States, the attorney general’s office in the Bahamas told Reuters, but declined to specify on what charges. In a statement released on Twitter, Damian Williams, Manhattan’s top federal prosecutor, confirmed the arrest of the 30-year-old, and said the indictment would be formalized in a few hours. “We will have more to say at that time,” he said. The former CEO of FTX was expected on Tuesday to make his first public appearance since the collapse of bankrupt crypto exchange FTX before US lawmakers.
He had announced that he would testify remotely at a hearing of the House Financial Services Committee which is meeting to examine the company’s collapse.
The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy on November 11 after failing to raise funds to prevent its collapse as traders rushed to withdraw $6 billion from the platform in just 72 hours. It has since emerged that the 30-year-old secretly used $10 billion of client funds to prop up his business.
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
