Sam Bankman-Fried, the disgraced founder of the collapsed cryptocurrency exchange FTX, was arrested in the Bahamas, by the Royal Bahamas Police on Money at the request of U.S. authorities.
According to the U.S. attorney for the Southern District of New York, Tweeted on Tuesday that, The arrest was based on an indictment that will be unsealed:
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.— US Attorney SDNY (@SDNYnews) December 12, 2022
“Sam Bankman-Fried’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against Sam Bankman-Fried, and is likely to request his extradition,” the government of the Bahamas said in a statement.
[DB] SBF Arrested by Bahamian Authorities— db (@tier10k) December 12, 2022
According to reported by the New York Time, SBF arrest was the latest stunning development in one of the most dramatic falls from grace in recent corporate history. Sam Bankman-Fried was scheduled to testify in Congress on Tuesday about the collapse of FTX his fail company and SBF didn't show up. And also the criminal charges against Sam Bankman-Fried included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.
FTX was one of the world largest crypto exchange, which filed for bankruptcy on November 11, along with its brokerage arm Alameda Research and dozens of other affiliated companies.
Sam Bankman-Fried, who was the only person charged in the indictment, was taken into custody by the Bahamian authorities, the person said. He was arrested shortly after 6 p.m. at his apartment complex in the Albany resort in the Bahamas, according to a statement from the Bahamian police. The timing of when Mr. Bankman-Fried might be moved to the United States was unclear. While the Bahamas has an extradition treaty with the United States, the process can take weeks, and sometimes far longer if a criminal defendant contests it.