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Sam Bankman-Fried is now in Bahamas Police Custody

December 15, 2022 World Blockchain

The arrest occurred just one day before the former leader of the cryptocurrency exchange FTX was scheduled to appear before the US Congress.

The Bahamas police detained former FTX CEO Sam Bankman-Fried, according to the country’s justice department, who added that the Bahamas had received formal notices from the US of felony charges against him.
Bankman-Fried is expected to be deported back to the United States, according to the Bahamas’ attorney general’s office, which declined to provide details on the charges.

US Lawyer for the Southern District of New York affirmed Bankman-Fried‘s arrest in a tweet and said the related indictment would be released to the public on Tuesday morning. We’ll have additional information at that point, he promised.
Bankman-Fried was scheduled to appear before US Congress on Tuesday for the first time since FTX’s collapse. He was posting on Twitter just hours before his arrest.

During the early hours of Monday, he said he would be “calling in” to the proceedings before the House financial services committee from the Bahamas because it was complicated for him to move right now and travel since the paparazzi impact is quite huge.
It is uncertain as to if his presence will be needed following his arrest. Congress will also hear FTX’s new CEO, John Ray III testimony. Ray is an expert in bankruptcy law and has managed to drive some big companies out of bankruptcy he stated that he hasn’t seen anything like what happened to FTX in his 40 years of working and what happened in the company is a complete Financial disaster.

In a testimony, Bankman-Fried stated that he was forced into stepping down as CEO in early November by his company lawyers. He stated that he obtained a potential funding offer for billions of dollars to assist payback FTX customers but that it was too late to reverse the decision.
Last month, FTX filed for US bankruptcy protection, and Bankman-Fried stepped down as CEO, sparking a wave of public calls for more regulatory oversight of the cryptocurrency market.
The cryptocurrency exchange had difficulty raising funds to avoid implosion as traders hurried to withdraw their funds from the platform in just 3 days and competitor exchange Binance neglected a proposed emergency deal.

US authorities have requested information from FTX investors and potential investors in recent weeks. The Securities and Exchange Commission and the Commodity Futures Trading Commission have both launched investigations.

Image Source: https://www.cryptotimes.io/
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