FTX’s Sam Bankman-Fried has been arrested after the US Attorney for the Southern District of NY shared a sealed indictment with the Bahamas
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After a long and cozy slumber, which allowed FTX’s Sam Bankman-Fried (SBF) to embark on an ambitious media tour to profess his innocence, the wheels of justice have finally recovered from their stupor, and a conman is now headed to a well-deserved sojourn in prison.
Sam Bankman-Fried has now been arrested by the authorities in the Bahamas after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. The indictment is a precursor to SBF’s extradition to the US to stand for a trial and includes charges related to wire fraud, securities fraud, and money laundering.
Separately, the US SEC has authorized the filing of securities law violation charges against Sam Bankman-Fried. Meanwhile, the Bahamas is also expected to continue its own regulatory and criminal investigations into the collapse of FTX.
For the uninitiated, the crypto exchange FTX maintained an undisclosed synergetic relationship with Sam Bankman-Fried’s crypto trading arm, Alameda Research, replete with commingled funds at the Silvergate bank, which allowed Alameda the convenience of borrowing FTX client funds after posting collateral in the form of illiquid tokens, including FTX’s in-house FTT coin.
