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Reading: Ex-FTX boss Sam Bankman-Fried detained in Bahamas
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Technology

Ex-FTX boss Sam Bankman-Fried detained in Bahamas

Sam Bankman-Fried, an American businessman who founded the now-defunct cryptocurrency exchange FTX, was apprehended on Tuesday in the Bahama...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief December 13, 2022
Updated December 13, 2022 at 2:44 PM
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Ex-FTX boss Sam Bankman-Fried detained in Bahamas
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Ex-FTX boss Sam Bankman-Fried detained in Bahamas

Sam Bankman-Fried, an American businessman who founded the now-defunct cryptocurrency exchange FTX, was apprehended on Tuesday in the Bahamas.

He would show up in a magistrates court in Nassau, the nation's capital, according to a report from the BBC on Tuesday.

Many customers are unable to access their money as a result of FTX's bankruptcy declaration in the US last month.

Last month, it was revealed in court that FTX owed a total of nearly $3.1 billion (£2.5 billion) to its 50 largest debtors.

Damian Williams, the US Attorney for the Southern District of New York (SDNY), tweeted late on Monday night that someone had been arrested.

Williams said that a sealed SDNY indictment was the reason for the arrest.

As recently as late October, Bankman-Fried’s net worth was projected to be over $15 billion, earning him comparisons to famed US investor Warren Buffett at a younger age.

He was well-known in the nation’s capital as a political donor, primarily to Democrats. His donations were made to prevent global pandemics and bolster crypto regulations.

The Attorney General of the Bahamas issued a statement saying that Bankman-Fried would be detained “according to our nation’s Extradition Act.”

“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY [Southern District of New York].”

In a tweet, the US Attorney’s office in Manhattan indicated that they planned to unseal the indictment the following morning and would provide further comment then.

Tags: Technology

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