Ad
The world's first bitcoin ico

Don't miss the 100x

Samurai dog BUY NOW

Former FTX CEO Sam Bankman-Fried arrested in the Bahamas

By:
on Dec 13, 2022
Listen
  • Sam Bankman-Fried was arrested on Monday in the Bahamas folliwing criminal charges from US authorities.
  • The former FTX CEO is facing charges of wire fraud, securities fraud and money laundering among others.
  • FTX filed for bankruptcy on 11 November after a 'bank run' left it in financial ruin.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Sam Bankman-Fried, the founder and former CEO of collapsed cryptocurrency exchange FTX has been arrested in the Bahamas.

The arrest followed a request from the US government, Reuters reported late Monday.

According to the latest on the developing story, the disgraced former FTX chief is also set to be swiftly extradited to the US, with his arrest coming on the eve of a planned House Financial Services Committee hearing set for 13 December.

The FTX Token (FTT/USD), which had already lost much of its value following the firm’s collapse, fell another 10% on Tuesday morning as the arrest story broke.

US files criminal charges against SBF

Copy link to section

FTX began to unravel in late October following a bank run on the crypto firm, with allegations of massive fraud and other criminal activities levelled at Bankman-Fried and top executives at both FTX and its quant trading firm Alameda Research.

Featured Broker

Looking to invest?

Invest globally in stocks, options, futures, currencies, bonds and funds from a single unified platform, with our highest-rated broker.

Ad

The crypto exchange had been one of the largest in the industry till its collapse shocked the crypto world. FTX filed for bankruptcy on 11 November 2022, with industry anger directed at SBF for his apparent fraudulent deals involving customer funds.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

His arrest in the Bahamas follows investigations and widespread calls for him to be held responsible for what could be one of the world’s biggest financial scandals. According to reports, the US is looking to unseal criminal charges against the former FTX boss on Tuesday.

Among charges facing Bankman-Fried are wire fraud, conspiracy to commit wire fraud, securities fraud, securities fraud conspiracy and money laundering.

The ex-FTX CEO will not now testify before the House Financial Services Committee on Tuesday, but his arrest will likely see more come to light regarding the exchange’s implosion. And he faces prison time if prosecutors prove their case against him.

Ad

Learn to trade crypto easily by copying crypto signals & charts from pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.

0/10
Get signals
FTX Token Quant USA Crypto Finance & Banking