Former FTX CEO arrested in Bahamas upon notification of US charges

By Al Mayadeen English
Source: Agencies
13 Dec 2022 08:33
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Sam Bankman-Fried has been arrested in the Bahamas as the US files charges against him.

Former FTX CEO Sam Bankman-Fried (AFP)

Former FTX CEO Sam Bankman-Fried has been arrested by the Bahamas police, according to the country's Attorney General, upon notification that the US is filing charges.

On Monday, the statement read "The Office of the Attorney General of the Bahamas is announcing the arrest of... Sam Bankman-Fried, former CEO of FTX," adding that "SBF's arrest followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition."

In November, Bankman-Fried resigned as the chief executive of FTX, according to the company. Before the company's downfall, he was in charge of the world's second-largest crypto exchange.

In a week, the FTX empire collapsed, shaking confidence in the crypto market.

"I'm really sorry, again, that we ended up here. Hopefully, things can find a way to recover," said Bankman-Fried, on his Twitter account. "I was shocked to see things unravel the way they did."

Bankman-Fried was one of the stars of the crypto field, drawing comparisons to investment magnate Warren Buffett.

The former FTX CEO tried to organize a bailout but failed - this left FTX struggling to raise billions of dollars and many customers unable to retain their money.