Sam Bankman-Fried, the central determine within the collapse of crpyto alternate FTX, has simply been arrested in The Bahamas and is more likely to be shortly extradited to the USA to face felony costs.
As CNBC report, authorities in The Bahamas have launched an announcement which reads:
The Bahamas and the USA have a shared curiosity in holding accountable all people related to FTX who might have betrayed the general public belief and damaged the regulation. Whereas the USA is pursuing felony costs towards SBF individually, The Bahamas will proceed its personal regulatory and felony investigations into the collapse of FTX, with the continued cooperation of its regulation enforcement and regulatory companions in the USA and elsewhere.
US authorities issued an announcement shortly afterwards:
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Bankman-Fried, who sucked ass at League of Legends by the way in which, ran FTX. In only a few brief years the crypto alternate went from nothing to plastering its identify throughout all method of sporting occasions and journal covers. It was thought of tremendous helpful as a result of it charged clients charges to purchase and guess on crypto, but in addition as a result of Bankman-Fried was thought of the following tech whiz who was going to make use of FTX to launch a “tremendous app” for finance that will make crypto legit.
Earlier this 12 months, nonetheless, your entire factor collapsed, partly as a result of crypto itself is a rip-off, however principally as a result of FTX particularly was very a lot a rip-off, right down to the actual fact senior members of the alternate had a chat group referred to as “Wirefraud”. Bankman-Fried, who was in The Bahamas partly to keep away from having to testify earlier than the Home Monetary Companies Committee, is now dealing with felony costs in two nations, whereas his successor answerable for what’s left of FTX has already publicly mentioned the corporate spent ”$5 billion…shopping for a myriad of companies and investments, lots of which can be price solely a fraction of what was paid for them”, and that Bankman-Fried had engaged in “unacceptable administration practices.”