Connect with us

News

Sam Bankman-Fried, former CEO of FTX, arrested in the Bahamas

Published

on

SBF, the former CEO of collapsed FTX, has been arrested in the Bahamas. Statements made by the government of the Bahamas revealed that the arrest was made after charges were filed by prosecutors against Sam in the United States. The statement also reads that the filing against the embattled CEO might require extradition to the US.

Sam Bankman-Fried was the founder and former CEO of FTX before it collapsed a few weeks ago, sending outrage throughout the entire crypto and financial industry. After the collapse, there has been a series of stories around his appearing in court to testify about the collapse of FTX that exposed a weakness of its deposit to the tune of $8 billion. One of such hearing was meant to happen this Tuesday.

Apart from the filings by prosecutors in the US against Sam, the Securities and Exchange Commission in the US charged him with several crimes, including wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.

Appearance in court and extradition to the US 

Information about his arrest also has it that he was taken into custody after being arrested from his apartment and will appear in a Magistrate Court in Nassau, the capital of the Bahamas. Although there is an extradition treaty between the United States and the Bahamas, there are no details of when Sam will be sent to the US.

Sam has been reported to be involved in several political activities, including sponsoring Biden’s election, and he said during a blockchain event a few months ago that he has an interest in politics and humanitarian activities. FTX filed for bankruptcy last month, which saw the firm go down and Sam losing billions of dollars in personal fortune.

The collapse has affected companies such as Nestcoin and Chipper Cash, which were linked with the crypto firm. Alameda Research, which is also part of the Sam empire, is down as FTX was allegedly said to have sent billions of dollars in customer funds to the Sam-linked hedge fund.

While he has been seen on several events online talking about the collapse of FTX, Representative Maxine Waters, who chairs the committee that oversees the prosecution of Sam, said, “the American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people.”

Read also;

FTX: Will SBF make appearance at HFS Committee’s hearing?

Bahamian Regulators deny involvement in FTX Bahamian Exclusive Withdrawals

 

Advertisement Earnathon.com
13 Comments

13 Comments

  1. Pingback: Sam Bankman-Fried, former CEO of FTX, arrested in the Bahamas by Chuks Nnabuenyi Jr – CryptoTvplus Events: NFT, DeFi, Bitcoin, Ethereum, Altcoin Events

  2. Pingback: China’s Digital Yuan comes with an expiration date | CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & Blockchain News, Interviews, Research, Shows

  3. Pingback: FTX: Court denies SBF Bail - CryptoBestCoins.com

  4. Pingback: FTX: Court denies SBF Bail - Bitcoin Crypto Currency

  5. Pingback: FTX: Court denies SBF Bail – Bloc Press

  6. Pingback: FTX: Court denies SBF Bail – NewsNFT

  7. Pingback: FTX hearing: firm had no internal control & proper records - John Ray III  | CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & Blockchain News, Interviews, Research, Shows

  8. Pingback: CZ wanted FTX "wiped out" - Kevin O'Leary | CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & Blockchain News, Interviews, Research, Shows

  9. Pingback: CZ wanted FTX "wiped out" - Kevin O'Leary - THECRYPTO100.COM

  10. Pingback: CZ wanted FTX “wiped out” – Kevin O’Leary – CryptoMasInfo

  11. Pingback: CZ wanted FTX "wiped out" - Kevin O'Leary - businessesacceptingcrypto.com

  12. Pingback: CZ wanted FTX “wiped out” – Kevin O’Leary - Bitcoin News Today

  13. Pingback: CZ wanted FTX “wiped out” – Kevin O’Leary – Coin Warrior

What's Your Opinion? Please Leave a Comment

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts