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FTX co-founder Sam Bankman-Freed arrested in the Bahamas
Perhaps he will be extradited to the US for criminal proceedings.
Sam Bankman-Freed, co-founder and former CEO of FTX cryptocurrency exchange, has been arrested by the Bahamas. The former crypto billionaire was detained due to criminal charges brought against him in the US. This was reported by the Southern District Attorney's office.
The arrest was an expected step in the FTX investigation. A few days earlier, the Department of Justice met with the FTX bankruptcy team and said it would look into Bankman-Fried's role in the collapse of the cryptocurrency exchange. The regulator is “closely” examining whether FTX improperly transferred hundreds of millions of dollars around the time the company declared bankruptcy on November 11th. Also, the Department of Justice will investigate the use of client funds for trading at another Bankman-Fried company, Alameda Research.
In addition, the US also accuses the government of the Bahamas of colluding with FTX. According to the prosecution, the authorities allegedly helped Bankman-Fried transfer and receive fraudulent funds to cryptocurrency wallets controlled by local authorities.
The length of Bankman-Fried's further imprisonment depends on the charges, which have not yet been disclosed. According to CNBC experts, given the extent of the fraud, he could be facing life in federal prison, without the possibility of supervised release.
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