FTX Founder Sam Bankman Fried Arrested in Bahamas

FTX Founder Sam Bankman Fried Arrested in Bahamas

Bankman will now be presented before a magistrates’ court, as he was taken into custody for what appears to be “financial offenses” against the US law.

Crypto exchange founder Sam Bankman Fried got arrested in the Bahamas and will be taken to a Bahamian court.

According to a statement from the Bahamian police, the founder of the FTX domain was arrested for financial crimes against US and Bahamian law.

The FTX crash has made crypto history by being one of the biggest crashes in crypto history. A few weeks ago, FTX crashed and lost almost 95% of its value. This shocking drop also resulted in over a million people unable to even withdraw their funds from the exchange.

Court filings are claiming that FTX owes over $3.1 billion to some of its largest creditors, which is a deep amount that still needs to be paid back.

Famed as the ‘next Warren Buffet,’ Bankman was a big name in the crypto industry. Last year excluding FTX, he had a net worth of around $15 billion.

Bahamas AG: “Mr Bankman-Fried will be held in custody pursuant of our nation’s Extradition Act.”

Bahamian authorities arrested Samuel Bankman-Fried earlier this evening, at the request of the US Government. This happened based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and have more to say then.”

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