Sam Bankman-Fried has been arrested by The Royal Bahamas Police Power following stories that america filed felony expenses towards the founder and former CEO of cryptocurrency alternate FTX, and is prone to request his extradition.
The Workplace of the Legal professional Basic of the Bahamas issued an announcement as we speak, which was reported by BNO and different information shops, that it could maintain Bankman-Fried in custody till “a proper request for extradition is made.”
In an announcement, Bahamian Prime Minister Philip Davis mentioned, “The Bahamas and america 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 america is pursuing felony expenses 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 america and elsewhere.”
The workplace america Legal professional for the Southern District of New York Damian Williams confirmed the arrest and the truth that it was made “on the request of the U.S. Authorities, primarily based on a sealed indictment filed by the SDNY.” In a tweet, the workplace of the SDNY added: “We anticipate to maneuver to unseal the indictment within the morning and may have extra to say at the moment.”
The previous billionaire was scheduled to testify tomorrow as a witness earlier than the U.S. Home of Representatives Committee on Monetary Providers, TechCrunch’s Jacquelyn Melinek reported earlier as we speak. The committee is investigating the occasions that led as much as FTX’s implosion, which resulted within the crypto alternate submitting for chapter final month and Bankman-Fried being compelled to step down as chief government.
As TechCrunch beforehand reported, Reuters reported final month that Bankman-Fried secretly transferred $10 billion in FTX shopper funds to affiliated buying and selling agency Alameda Analysis. Bankman-Fried advised the publication that the switch of the funds was a misreading of the “complicated inner labeling.” He has repeatedly claimed ignorance of any wrongdoing.
Axios reported earlier as we speak that Bankman-Fried “continued to say no to testify in entrance of the U.S. Senate Banking Committee, and that his legal professionals are refusing to just accept a subpoena,” based on a brand new assertion from Sens. Sherrod Brown and Pat Toomey.
This can be a creating story. TechCrunch reporter Amanda Silberling contributed to this piece.
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