: FTX founder Sam Bankman-Fried arrested with U.S. set to unseal indictment

by | Dec 13, 2022 | Stock Market

Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, which suffered a colossal collapse this year, was arrested in the Bahamas on Monday. He is now facing criminal charges in the United States, according to a Bahamian official. The Attorney General of the Bahamas, through spokesman Latrae Rahming, posted a statement on Twitter detailing the arrest. Bankman-Fried, commonly known as SBF, lives in the Bahamas, where the cryptocurrency exchange was also based.

“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,” the statement reads. The U.S. Attorney for the Southern District of New York later tweeted that his office had filed a sealed indictment, which led to the arrest. “We expect to move to unseal the indictment in the morning and will have more to say at that time,” Damian Williams said in a tweet from the office’s official Twitter account. The Securities and Exchange Commission and the Justice Department are investigating the company, and the New York Times reported last week that Manhattan-based federal prosecutors are investigating whether Bankman-Fried steered prices of cryptocurrencies TerraUSD and Luna to benefit FTX and his Alameda hedge fund. FTX, one of the largest cryptocurrency exchanges in the world, filed for bankruptcy protection in November, and Bankman-Fried resigned as CEO. In fact, more than 100 FTX-related entities filed for US bankruptcy protections on Nov. 11.  The former chief executive of FTX was expected to testify remotely in front of a House Financi …

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