Technology

Has FTX Founder Sam Bankman-Fried been Arrested?

The government of Bahamas released a statement confirming the fact that Sam Bankman Fried who is the founder of the crashed crypto exchange FTX has been arrested by the police in Bahamas on Monday. The reason for arrest has been attributed to the fact that the US prosecutors filed charges against Sam Bankman Fried.

Following the statement by the Government of Bahamas, the Southern district of New York which is responsible for investigating the cases of collapse of Alameda and FTX took to Twitter to confirm the arrest. The arrest was initiated at the request of the government of US after the Southern district of New York filed a sealed indictment.

Sam Bankman Fried was arrested without any incident at his residence in Nassau on Monday shortly after 6pm ET. He is supposed to appear before the court on Tuesday. The extradition treaty of Bahamas with the US government gives authority to the government of Bahamas to deport any individual back to American soil if the charges against him exceed a punishment of one year.

Following the arrest the Securities and Exchanges commission (SEC) declared that they had authorised a series of charges against Sam. These charges were associated with the issue pertaining to “violations of various securities laws.” These charges weren’t declared at the time of the statement. They will be made public after the SEC files them on Tuesday.

Tweets from SBF arrest

Kate Rooney on SBF arrest

Peter Schiff on SBF arrest:

 

SBF Arrest Also Means He May Not Testify Before US Congress Tomorrow

Food for thought: SBF were to testify before the US Congress on 13th of December, 2022. And after his arrest today, it is unclear if SBF is going to testify today. Does the timing not look odd? 

The charges that will be filed against Sam Bankman Fried who is responsible for the crash of FTX which resulted in a liquidation crisis and a bankruptcy is completely unclear. However individuals familiar with the matter have opined that the charges that would be filed against Sam would revolve around money laundering, securities fraud and securities fraud conspiracy.

The representatives of the legal team of Sam Bankman Fried did not issue any comment on his arrest even after repeated requests from various agencies.

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