Founder of FTX cryptocurrency exchange Sam Bankman-Fried arrested in Bahamas: official
Company filed for bankruptcy in November as traders rushed to recover billions in investmentsSam Bankman-Fried, founder of FTX Cryptocurrency Derivatives Exchange, testifies during a congressional committee hearing in Washington on Dec. 8, 2021. Bankman-Fried was arrested in the Bahamas on Monday after the U.S. filed charges against him following his company's collapse.
The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy Nov. 11 after it struggled to raise money to stave off collapse as traders rushed to withdraw $6 billion from the platform in just 72 hours. "He was arrested reference to various Financial Offences against laws of the United States, which are also offenses against laws of the Commonwealth of The Bahamas," the statement said, adding he was taken into custody without incident and will appear in Nassau's Magistrate Court on Tuesday.
Reuters reported Monday that some Justice Department prosecutors believe they have gathered sufficient evidence in their long-running investigation of Binance to charge the company and some top executives. A Binance spokesperson told Reuters in relation to the story: "We don't have any insight into the inner workings of the U.S. Justice Department, nor would it be appropriate for us to comment if we did.
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