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Usa News

Former FTX CEO Sam Bankman-Fried arrested in the Bahamas

Sam Bankman-Fried, the former CEO of defunct cryptocurrency firm FTX, has been arrested in the Bahamas, authorities said Monday.

The Bahamas attorney general’s office said in a statement that it would extradite Bankman-Fried to the United States, where he is wanted on unspecified criminal charges, as soon as a formal request is made.

“The Bahamas and the United States have a common interest in holding accountable anyone associated with FTX who may have betrayed the public trust and violated the law,” Bahamian Prime Minister Philip Davis said in a statement.

Damian Williams, U.S. Attorney for the Southern District of New York, announcement shortly after the arrest his office expects to unseal his indictment involving Bankman-Fried on Tuesday morning.

Bankman-Fried, 30, served as the CEO of huge cryptocurrency exchange FTX until last month when the company suddenly imploded and filed for bankruptcy protection. Following complaints that he misused billions of client money, several US regulatory agencies launched investigations into his dealings in the largely unregulated cryptocurrency industry.

News of his arrest in the Bahamas comes the same day new FTX CEO John J. Ray III, who also oversaw Enron’s bankruptcy in the early 2000s, issued a statement describing “unacceptable management practices of his predecessor. Among them was a company “overspending from the end of 2021 to 2022, during which an estimated $5 billion was spent buying up a myriad of businesses and investments, many of which may not be worth only a fraction of what was paid for them.

Campaign finance watchdog Citizens for Responsibility and Ethics in Washington also recently filed a complaint with the Federal Election Commission accusing Bankman-Fried of violating federal laws by using black money groups to hide million in campaign donations to Republicans ahead of the 2022 primary.

The Huffington Gt

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