photo: Bloomberg (Getty Images)
Sam Bankman Fried, the central figure in the collapse of the crypto exchange FTX has just been arrested in the Bahamas and will probably be extradited quickly to the United States to face criminal charges.
According to the report from CNBC, the Bahamas issued a statement stating that the authorities had to the Bahamas release: “They said, “There’s a threat to the islands of the Bahamas.”
A mutual interest exists between the Bahamas and the United States in recognizing those individuals who have a FTX who may have violated the law and betrayed public trust. While the United States and the United States pursue criminal charges against SBF individually, the Bahamas will continue its own legal and criminal investigation into the FTX collapse, while continuing to work with its law enforcement and regulatory partners in the United States and elsewhere.
The United States released a statement shortly afterwards:
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Bankman Fried, who ascended upon the world, ran FTX. In only a few years, the crypto exchange has gone by with no success, and it has gotten into all sorts of events and magazines, its name has fallen short of its name. It was thought that it was worth it because the fact that it charges a customer to buy and bet on crypto was, but also because Bankman-Fried was thought to be the next tech genius FTX was trying to create a super app that could be used to make crypto legit.
Though the whole thing collapsed earlier this year, partly because crypto itself is a scam, but mainly because FTX in particular is a scam. However, the high-level members of the exchange had a chat group called Wirefraud. Bankman-Fried, who was in the Bahamas for half time to avoid testifying before the financial committee (FTX also moved its headquarters to the Caribbean last year) went into two countries, with legal charges in both countries, while his successor in charge of whats left of FTX has previously said publicly that the company spent five billion buying many different business and investments, many of which may be worth only a fraction of what they were paid for, and committed in a neo-inconvenient management practices.
The New York Times reports that Bankman-Fried will be charged with wire fraud, wire fraud, securities fraud, securities fraud, and money laundering.