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Moments ago, authorities in the Bahamas announced that Sam Bankman-Fried (SBF) was arrested. If you haven’t been following the FTX saga, SBF is the Founder and Former CEO of FTX, a cryptocurrency exchange that recently collapsed and lost billions of dollars. Most of the money belonged to customers.
According to a press release issued by the Office of the Attorney General, SBF was brought into custody by The Royal Bahamas Police Force after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. The press release also noted that the government will extradite SBF as soon as U.S. officials request it.
“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act,” a statement attributed to Bahamian Attorney General Ryan Pinder read. “At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.”
A tweet posted by official governing offices in New York reinforced these statements, adding that the federal government would move to unseal the indictment tomorrow morning.
Notably, the U.S. isn’t the only nation pursuing action against SBF.
In a statement, Bahamian Prime Minister Philip Davis said that his government was taking similar steps. “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere,” he said.
This is a breaking story and will be updated.
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