The Royal Bahamas Police arrested FTX’s founder and former CEO, Sam Bankman-Fried, on Monday evening (local time) after criminal charges were filed against him in the United States.
The United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, requesting for Bankman-Fried arrest. Now, the US authorities are expected to make an extradition request to get the custody of Bankman-Fried from the Bahamas police.
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’s arrest followed receipt of formal notification from the United States that it had filed criminal charges against SBF and is likely to request his extradition,” the Bahamas Police said in a statement.
🚨Sam Bankman Fried was just arrested in the Bahamas by the Royal Bahamas Police Force! Faces “likely extradition.” pic.twitter.com/W4Y8vgPkY3
— Coffeezilla (@coffeebreak_YT) December 12, 2022
The charges against Bankman-Fried brought by the US attorney are not known yet. However, according to The New York Times, it could include wire fraud, securities fraud, money laundering, and related conspiracy charges. Bankman-Fried is also supposedly the only person named in the US indictment.
Law Enforcement Are After SBF
Once regarded as one of the reputed crypto entrepreneurs, Bankman-Fried’s FTX empire collapsed last month when his shady business practices were exposed. He allegedly used customer funds and built his businesses with a network of illegitimate loans and leverages. FTX, Alameda Research, and more than 130 other affiliates have now filed for bankruptcy protection.
Ahead of the arrest, Bankman-Fried was scheduled to testify virtually before the House Financial Services Committee on Tuesday morning, addressing the collapse of FTX. The House Committee’s Chair, Chair Maxine Waters, said she was “surprised to hear” about the arrest, adding: “It’s about time the process to bring Mr. Bankman-Fried to justice has begun… Although Mr. Bankman-Fried must be…
