FTX founder Sam Bankman-Fried arrested in Bahamas

Bahamas police have arrested SBF at the request of the U.S Government based on a sealed indictment. 

FTX founder Sam Bankman-Fried arrested in Bahamas

Sam Bankman Fried has been attested by authorities in the Bahamas just a day before the disgraced former FTX CEO was due to testify before Congress. 

A bankman friend was arrested by the Royal Bahamas Police force in the case of criminal charges against him.

The New York Times reported on Dec 12 that the charges against Bankman Fried wire and securities fraud conspiracy to commit wire and securities fraud and money laundering.

The U.S. will likely request the extradition of Bankman Fried with Pinder expressing that the Bahamas will promptly process any extradition request. 

Bahamian Prime Minister Philip Davis express in a statement that both countries have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. 

The U.S. Attorney's office for the Southern District of New York expresses authorities arrested in the Bahamas arrested Bankman fried based on a sealed indictment it filed that it plans to unseal.

According to Bloomberg prosecutors from New York, FBI agents, and regulators met with FTX's lawyers to discuss the documentation that investigators want to obtain. 

The U.S. Department of Justice (DOI) was examining whether FTX improperly transferred hundreds of millions around the same time as the company declared bankruptcy on Nov 11. 

Bahamian authorities were similarly undertaking their own active and ongoing investigation into FTX as declared on 27 by Pinder that involved the country's securities commission the financial intelligence unit and the police's financial crimes unit. 

Bankman fried arrest comes a day before he was expected to appear remotely to testify before the House Committee on Financial services in a hearing investigating the collapse of the exchange. 

Related: Coinbase encourages users to switch USDT to USDC for free