FTX founder Sam Bankman-Fried was arrested in the Bahamas. Here’s what to know
Despite FTX’s collapse, Bankman-Fried continued to give interviews to the press from his home in the Bahamas, arguing that he did not know how much financial trouble both of his companies were in. When asked by theon November 30 about the potential prison time he could face, he responded: “There will be a time and place to sort of think about myself and my own future. But I don’t think this is it.
Bankman-Fried was set to testify at a hearing before the House Committee on Financial Services on Tuesday morning, with members of Congress expected to grill Bankman-Fried about the exchange’s collapse. Instead, he will appear in Bahamian court.stating that Bankman-Fried was arrested “at the request of the U.S. government” and that more information would become available Tuesday morning.
Several other entities are also investigating Bankman-Fried’s potential wrongdoings. The Securities and Exchange Commissionon Monday night that “authorized separate charges relating to his violations of securities laws [will] be filed publicly tomorrow in SDNY.” On Monday evening, Bahamian Prime Minister Davis said in a statement that the Bahamas would “continue its own regulatory criminal investigations into the collapse of FTX.
Nicholas Biase, a spokesman for the U.S. attorney’s office, did not immediately respond to a request for comment. Neither did a representative for FTX. FTX’s collapse is likely to have long-lasting implications for crypto, which has suffered massive declines in value and popularity since spiking in 2021. Bankman-Fried himself was the face of the industry in Washington: he
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