Sam Bankman-Freed has been arrested in the Bahamas,[/B] as the former billionaire is being investigated for a series of financial crimes.Sam Bankman-Freed's arrest comes just 24 hours before his scheduled testimony before Congress.
Police in the Bahamas have arrested the former FTX chief executive, the country's attorney general said, adding that the Bahamas has received official notice from the US of criminal charges against him.
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Fried is expected to be extradited to the US, the Bahamas attorney general's office told Reuters, but declined to specify on what charges. In a statement on Twitter, Damian Williams, a top federal prosecutor in Manhattan, confirmed the 30-year-old's arrest, and clarified that an indictment would be formalized in a few hours. "We'll have more to say at that time," he said.
The former FTX CEO was expected Tuesday to make his first public appearance since the collapse of bankrupt crypto exchange FTX, before U.S. lawmakers. He had announced that he would testify remotely at the congressional Financial Services Committee hearing which is meeting to examine the company's collapse.
The exchange, launched in 2019 and based in the Bahamas, declared bankruptcy on November 11 after failing to raise money to prevent its collapse as traders rushed to withdraw $6 billion from the platform in just 72 hours. It has since been revealed it emerged that the 30-year-old secretly used $10 billion of customer funds to prop up his business.
Source: skai.gr
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