Sam Bankman-Fried Arrested within the Bahamas on US Request

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Sam Bankman-Fried Arrested within the Bahamas on US Request
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Sam Bankman-Fried Arrested within the Bahamas on US Request
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The previous CEO of failed cryptocurrency agency FTX, Sam Bankman-Fried, has been arrested within the Bahamas on the request of the US authorities, US and Bahamian authorities stated Monday.

The arrest was made Monday after the US filed prison prices which can be anticipated to be unsealed Tuesday, in response to US Legal professional Damian Williams. Bankman-Fried had been beneath prison investigation by US and Bahamian authorities following the collapse final month of FTX. The agency filed for chapter on November 11, when it ran out of cash after the cryptocurrency equal of a financial institution run.

“We count on to maneuver to unseal the indictment within the morning and can have extra to say at the moment,” Williams stated.

Bahamian Legal professional Normal Ryan Pinder stated the Bahamas would “promptly” extradite Bankman-Fried to the US as soon as the indictment is unsealed and US authorities make a proper request. FTX is headquartered within the Bahamas and Bankman-Fried has largely remained in his Bahamian luxurious compound in Nassau because the firm’s failure.

A spokesman for Bankman-Fried had no remark Monday night. Bankman-Fried has a proper to contest his extradition, which might delay however not going cease his switch to the US.

Bankman-Fried’s arrest comes only a day earlier than he was on account of testify in entrance of the Home Monetary Providers Committee. Rep. Maxine Waters, D-Calif., chairwoman of the committee, stated she was “disenchanted” that the American public, and FTX’s prospects, wouldn’t get to see Bankman-Fried testify beneath oath.

Bankman-Fried was one of many world’s wealthiest individuals on paper, with an estimated internet value of $32 billion. He was a outstanding character in Washington, donating hundreds of thousands of {dollars} towards principally left-leaning political causes and Democratic political campaigns. FTX grew to develop into the second-largest cryptocurrency trade on this planet.

That each one unraveled rapidly final month, when experiences referred to as into query the energy of FTX’s stability sheet. Clients moved to withdraw billions of {dollars}, however FTX couldn’t meet all of the requests as a result of it apparently used its prospects deposits to cowl dangerous bets at Bankman-Fried’s funding arm, Alameda Analysis.

Bankman-Fried stated lately that he didn’t “knowingly” misuse prospects’ funds, and stated he believes his hundreds of thousands of offended prospects will finally be made entire.

The Home Monetary Providers Committee will nonetheless hear testimony Tuesday from present CEO, John Ray III. Ray, who took over FTX on November 11 and is a long-time restructuring specialist, has stated in courtroom filings that the monetary situations at FTX have been worse than at Enron.

Bahamian authorities plan to proceed their very own investigation into Bankman-Fried.

“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,” stated Bahamian Prime Minister Philip Davis, in an announcement.


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