Tuesday, December 13, 2022 at 12:04 a.m
Sam Bankman Fred – the founder of the FTX exchange that collapsed – was arrested at his Bahamas residence.
According to a press release from the “Office of the Attorney General and Department of Legal Affairs of the Commonwealth of the Bahamas” circulated on Twitter this evening, the 31-year-old former CEO has been taken into custody.
On December 12, 2022, the Bahamas Attorney General’s Office announced the arrest by the Royal Bahamas Police Force of Sam Bankman Fried (“SBF”), former CEO of FTX. The SBF’s arrest followed official notification from the United States that it had filed criminal charges against SBF You will most likely ask for his extradition.”
“As a result of the notification received and the materials provided therein, it was appropriate for the District Attorney to seek the arrest and detention of SBF pursuant to our nation’s extradition law.
“At any time a formal extradition request is made, The Bahamas will process it immediately in accordance to Bahamas law and its treaty obligation with the United States.”
Continue reading: Sam Bankman-Fried – A Tapestry of Lies Drenched in Fake Tears
According to other reports, Philip Davis, the Bahamas’ Prime Minister, responded to the move saying that the United States and Bahamas have a common interest of holding accountable all those associated with FTX who may have betrayed public trust and violated the law.
“While the United States pursues criminal charges against SBF individually, The Bahamas will continue its regulatory and criminal investigations into the collapse of FTX, while continuing to cooperate with its law enforcement and regulatory partners in the United States and elsewhere.”
The three-year old cryptocurrency exchange was shut down in a matter weeks. The trouble began when Binance Chairman Changpeng ’CZ’ Zhao got involved in a Twitter spat over regulation with the CEO at FTX.
Zhao quickly ordered Liquidation of nearly $600 million in FTX tokensBefore dramatically Agree to buy FTXSubject to due diligence processes. At this point, rumors of bankruptcy had started to swirl around SBF’s Alameda Research operation.
After CZ, the offer was gone within 24 hours abruptly withdraw from the dealTo purchase embattled currency.
Many companies have been affected by the financial scandal that has now become a global financial scandal. About 134 entities were listed in a bankruptcy filing filed by FTX last month — a filing prepared as Sam Bankman Fried resignedHis position as CEO. He resigned from California one day after the release. gushing and rambling apologiesHe also promised to end the carnage.
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