The arrest of FTX founder Sam Bankman-Fried marks a stunning fall from grace for the 30-year-old entrepreneur who rode a cryptocurrency boom to create one of the world’s largest cryptocurrency exchanges.
The attorney general’s office for the Bahamas said it proceeded with the arrest after receiving formal confirmation of charges against Bankman-Fried, adding it expects he will be extradited to the United States.
A spokesman for the US Attorney’s office in Manhattan confirmed Bankman-Fried had been arrested in the Bahamas but declined to comment on the charges.“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the United States Attorney’s Office for the Southern District of New York,” United States prosecutor Damian Williams said in a statement.
Binance is under investigation for possible money-laundering and sanctions violations, Reuters has reported. Others in the department have argued for taking time to review more evidence, four people familiar with the matter told Reuters.The arrest also came a day ahead of Bankman-Fried’s scheduled appearance before US lawmakers on Tuesday, where he was planning to give testimony via a video link.
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