Sam Bankman-Fried arrested in Bahamas

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BREAKING NEWS: Sam Bankman-Fried arrested in Bahamas

Sam Bankman-Fried, the former founder and CEO of FTX, was taken into custody by Bahamian police on Monday evening.

This new information comes one day before Bankman-Fried was scheduled to testify on the failure of his Nassau-based exchange in front of the House Financial Services Committee in the United States of America.

Following the receipt of official notification from the United States that criminal charges have been filed against the disgraced crypto billionaire, the Royal Bahamas Police detained Bankman-Fried, as stated in a statement that was made public by the Bahamian Office of the Attorney General and Ministry of Legal Affairs.

According to the announcement made by the Attorney General, Bankman-Fried will be detained in accordance with the extradition treaty governing the Bahamas. The extradition treaty that the United States government has with the Bahamas government allows the United States to extradite defendants charged with crimes that are considered illegal in both nations.

Sam Bankman-Fried arrested in Bahamas - Coinbold
Sam Bankman-Fried arrested in Bahamas – Coinbold

According to a statement released by Damian Williams, the United States Attorney for the Southern District of New York, “earlier this evening, Bahamian authorities detained Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY,” “We anticipate taking action to unseal the indictment in the morning, and we will have more comment to make at that time,”

According to a statement made by the Prime Minister of the Bahamas, Philip Davis, “The Bahamas and the United States have a shared interest in holding responsible any people affiliated with FTX who may have breached the public trust and broken the law.” [Citation needed]

“While the United States is pursuing its own criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the FTX collapse,” with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere. “While the United States is pursuing its own criminal charges against SBF individually,”

Via: Yahoo Finance