Former FTX CEO Bankman-Fried arrested in Bahamas, official says
Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the Bahamas-based cryptocurrency exchange to declare bankruptcy, was arrested on Monday in The Bahamas after being criminally charged by U.S. prosecutors.
A spokesman for the U.S. Attorney’s office in Manhattan confirmed Bankman-Fried had been arrested in The Bahamas but declined to comment on what the charges were. The liquidity crunch came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, the people said.the company did not “secretly transfer” but rather misread its “confusing internal labeling.” Asked about the missing funds, he responded: “???”
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