Urgent FTX Founder Arrested !

The founder of the FTX cryptocurrency platform has been arrested in the Bahamas

Sam Bankman-Fried  FTX cryptocurrency

The Bahamas authorities have arrested the founder of the FTX cryptocurrency!

 platform,FTX is a cryptocurrency exchange that specializes in futures trading. It offers high leverage trading on a wide range of digital assets, including Bitcoin, Ethereum, and other popular cryptocurrencies. The exchange is known for its user-friendly interface and advanced trading tools, making it popular among professional traders and institutional investors. It was founded in 2019 by Sam Bankman-Fried and Gary Wang, two former traders at the algorithmic trading firm Jane Street.

Sam Bankman-Fried, after a US attorney general filed criminal charges against him. The Prime Minister of the Kingdom of the Bahamas said that his country will conduct its "own criminal investigation into the case of the collapse of FTX"

A New York attorney general announced that the Bahamas authorities arrested, at the request of the US judiciary, the former CEO of the “FTX” cryptocurrency platform, Sam Bankman Fried, after the sudden collapse of his company.

"Earlier this evening, Bahamas authorities arrested Samuel Bankman Fried at the request of the U.S. Government and pursuant to a sealed indictment issued by the Southern District of New York," Attorney General Damian Williams said in a tweet

USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.

— US Attorney SDNY (@SDNYnews) December 12, 2022

The Attorney General said that new details regarding this case will be announced on Tuesday.
A month ago, Bankman Fred did not stop participating in media interviews from the Bahamas , despite the risk of being prosecuted for financial fraud after his company, whose value at the beginning of the year was $ 32 billion, went bankrupt overnight.

For his part, Ryan Bender, the Attorney General of the Bahamas, said in a statement posted on Twitter that the United States "has filed a complaint against the 30-year-old and will likely request that we hand him over."
Philip Davis, prime minister of the Kingdom of the Bahamas, an archipelago located northeast of Cuba, said that both the United States and his country "have an interest in bringing to justice individuals associated with FTX who may have betrayed public trust and broken the law."

In a statement, he added that his country would conduct its own "criminal investigation into the (FTX) collapse case."

Recently, Bankman Fried said he was "shocked" by the many details that were revealed when the cryptocurrency platform collapsed, stressing that the problems resulted from lax oversight and controls in the company and not from any fraudulent intent.

On November 11, FTX filed for bankruptcy while facing a major cash shortage and a flood of withdrawals from panicked clients.

At the time, FTX took about $10 billion in client funds without permission, according to the Wall Street Journal.

Most of the attention focused on the relationship between FTX and Alameda Research, its trading subsidiary.

Bankman-Fried acknowledged that it was "embarrassing" that he had not paid sufficient attention to the conflicts of interest between the two companies, but insisted that he was not familiar with the details of Alameda and did not take over the management of the company.

According to Coindesk, a cryptocurrency news site, Alameda's balance sheet was heavily dependent on a cryptocurrency created by FTX and not linked to any asset of independent value, the FTT.