Sam Bankman-Fried, the founder of FTX, has been arrested in The Bahamas.
On 12 December 2022, the Office of the Attorney General of The Bahamas announced the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTX.
The U.S. had filed criminal charges against Fried and was planning to request extradition when Sam Bankman-Fried, known as SBF, was arrested.
Various agencies want SBF for his role (or lack thereof) in the crypto exchange he created, which subsequently went bankrupt.
Sheila Warren, the CEO of the Crypto Council for Innovation, said in a press release:
“The news cycle keeps coming up SBF. An arrest has always been suspected. What’s interesting is the timing – right before two Congressional hearings.
As authorities around the world build their cases, the only thing we know for sure is that this story is far from over. Real people have been impacted by these actions and members of Congress were hoping to get some answers to some very serious questions.
Going forward, the crypto industry will be continuing its calls for regulatory clarity.
In 2023, we are likely to see more emphasis on crypto in Congress. There will be more discussions, more debate and more hearings as members of Congress evaluate the best way to protect innovation and consumers.””
SBF is expected to testify in front of Congress. He is being accused of negligence and “unacceptable management practices” of his crypto exchange.
Crypto exchanges and Blockchains are notoriously underregulated, and this will be the first time a crypto CEO will be charged with his involvement in a crypto exchange.
In a recent interview, SBF said, “I didn’t ever try to commit fraud.”
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