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HomeNFTSam Bankman-Fried Was Just Arrested Over FTX Collapse

Sam Bankman-Fried Was Just Arrested Over FTX Collapse

Some time ago, Bahamian authorities announced: Sam Bankman-Fried (SBF) were arrested.Not following The story of FTX, SBF is the founder and former CEO of FTX, a cryptocurrency exchange that recently collapsed and lost billions of dollars. Most of the money belonged to customers.

According to a press release issued by the Attorney General’s Office, SBF was detained by the Royal Bahamas Police Department after the US Attorney for the Southern District of New York shared a sealed indictment with the Bahamas government. The press release also said the government would hand over SBF as soon as U.S. officials demanded it.

According to Bahamas Attorney General Ryan Pinder, “As a result of the notice received and the materials provided, it was deemed appropriate for the Attorney General to seek the arrest of SBF and to detain him in accordance with our extradition laws.” “Once a formal request for extradition is made, the Bahamas intends to expedite it in accordance with Bahamian law and its treaty obligations with the United States.”

A tweet posted by New York’s official executive branch reinforced those statements, adding that the federal government would move to open the indictment tomorrow morning.

Notably, the United States is not the only country taking action against SBF.

In a statement, Bahamas Prime Minister Philip Davis said his government was taking similar steps. We have a shared interest in holding all relevant individuals accountable.While the United States has separately filed criminal charges against the SBF, the Bahamas is seeking to protect the interests of the United States and other law enforcement and regulatory partners. With continued cooperation, we will continue our own regulatory and criminal investigation into the collapse of FTX.”

Ultimately, the collapse of FTX Report from CoinDeskThis reveals a heavy concentration in self-issued FTT coins, which Alameda Research — SBF’s own hedge fund — used as collateral for billions of dollars in crypto loans. Shortly after CoinDesk’s report, Binance announced it would sell a large stake in his FTT. This led to a massive withdrawal of funds and a sharp drop in prices. FTX froze assets and declared bankruptcy days later.

It was later reported that FTX mixed customer funds with Alameda Research, a Bankman-Fried cryptocurrency hedge fund, and allegedly lost billions of dollars in customer deposits in the process.

This is breaking news and will be updated.

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