FTX’s Crypto Kingpin Sam Bankman-Fried Arrested In The Bahamas

Sam Bankman-Fried, the central figure in the collapse of crpyto exchange FTX, has simply been arrested in The Bahamas and is more likely to be shortly extradited to america to face legal costs.

As CNBC report, authorities in The Bahamas have launched an announcement which reads:

The Bahamas and america have a shared curiosity in holding accountable all people related to FTX who could have betrayed the general public belief and damaged the legislation. Whereas america is pursuing legal costs in opposition to SBF individually, The Bahamas will proceed its personal regulatory and legal investigations into the collapse of FTX, with the continued cooperation of its legislation enforcement and regulatory companions in america and elsewhere.

US authorities issued an announcement shortly afterwards:

Bankman-Fried, who sucked ass at League of Legends by the way, ran FTX. In just some brief years the crypto alternate went from nothing to plastering its identify throughout all method of sporting occasions and journal covers. It was thought of tremendous precious as a result of it charged prospects charges to purchase and wager on crypto, but in addition as a result of Bankman-Fried was thought of the following tech whiz who was going to make use of FTX to launch a “tremendous app” for finance that may make crypto legit.

Earlier this yr, nevertheless, the whole factor collapsed, partly as a result of crypto itself is a rip-off, however largely as a result of FTX particularly was very a lot a rip-off, down to the fact senior members of the exchange had a chat group called “Wirefraud”. Bankman-Fried, who was in The Bahamas partly to keep away from having to testify earlier than the Home Monetary Companies Committee (FTX additionally moved its headquarters to the Caribbean nation final yr), is now going through legal costs in two nations, whereas his successor answerable for what’s left of FTX has already publicly stated the corporate spent ”$5 billion…shopping for a myriad of companies and investments, a lot of which can be price solely a fraction of what was paid for them”, and that Bankman-Fried had engaged in “unacceptable administration practices.”

UPDATE 8:20pm ET: The New York Occasions reports that Bankman-Fried is being charged by US authorities with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and cash laundering.