FTX crypto tycoon Bankman-Fried arrested in Bahamas for extradition to US
Sam Bankman-Fried, the founder and former CEO of crypto exchange FTX, was arrested in the Bahamas on Monday, the country’s government said.
Bahamian authorities arrested Bankman-Fried at the request of the United States, where he faces criminal charges over the collapse of FTX and its sister trading firm Alameda.
FTX filed for Chapter 11 bankruptcy protection on November 11, shortly after Binance, the world’s biggest cryptocurrency exchange, pulled out of a bailout deal for the troubled exchange.
FTX had struggled with a surge in withdrawals that caused a liquidity crunch.
Concerns about FTX’s financial health triggered US$6 billion (209 billion baht) of withdrawals in just three days.
After 30-year-old crypto celebrity Bankman-Fried filed for bankruptcy, at least one million depositors were reportedly unable to access their funds.
The New York Times, citing a person familiar with the matter, reported that the charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.
Bankman-Fried is now set to be extradited to stand trial in New York.
Damian Williams, a US attorney for the southern district of New York, said the indictment against Bankman-Fried would be unsealed on Tuesday morning.
Credit: CNN
