FTX’s Sam Bankman-Fried Has Been Arrested and Denied Bail

Sam Bankman - Fried , the father and former CEO of collapsed cryptocurrency exchange FTX , has been arrested in the Bahamas at the request of U.S. authorities . Late Tuesday evening , a judge there take for him a flight risk and deny bond .

Officials in both the U.S. and the Bahamas substantiate Monday that Bankman - Fried ( ordinarily known by his initial , SBF ) had been bring into hold . So far , it ’s unclear exactly what flush have been leveled against the disgraced technical school administrator . A plastered bill of indictment related to the case will be unsealed tomorrow in the Southern District of New York , officials said .

“ Earlier this evening , Bahamian authorization arrest Samuel Bankman - Fried at the request of the U.S. Government , based on a seal off bill of indictment filed by the SDNY , ” read Damian Williams , U.S. lawyer for the Southern District of New York , in a statement shared on Twitter Monday . “ We look to move to unseal the indictment in the morn and will have more to say at that clip . ”

Photo: Craig Barritt (Getty Images)

Despite the government activity ’s tight - lipped approach to the case , the New York Times seems to have get the details , reportingthat SBF is present a gamut of financial criminal offense , including securities role player , certificate fraud conspiracy , wire fraud , wire fraud confederacy , and money laundering .

“ While the United States is act on criminal direction against SBF individually , the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX , with the continued cooperation of its constabulary enforcement and regulatory partners in the United States and elsewhere , ” say Prime Minister of the Bahamas , Philip Davis , in a statement .

FTX , which was once theshining starof the cryptocurrency industry , imploded last month in an splurge of financial malfeasance that sent shockwaves throughout the web3 cosmos . After intromit to mismanaging customer asset , SBF stepped down from his leaders purpose and FTX file for bankruptcy , sending other company that were financially connected to the commutation into a tailspin .

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An initial perusal of the party ’s finances by the company ’s raw CEO appears to show rampant financial misdirection . to boot , billions of dollar sign in customer finances are still miss and no one seems to know where they are .

Still , after presiding over one of the most salient collective meltdowns in modern story , Bankman - Fried somehow manage to remain a free man for what many view as anunnaturally longperiod of time . For week , commentator have question when — or even if — the disgraced tech executive would face effectual repercussions for the financial mess his ship’s company induce . Instead of being placed under arrest , however , the boylike tech tycoon spent the last several weeks affiance in a media - wooing “ packaging tour”—giving interview to major newsworthiness networks , including ABC and the New York Times .

Now , it would appear that tour has formally follow to an end . Bankman - Fried seems to be in quite a lot of difficulty , though we ’ll have to await to see just how much .

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