The former CEO of FTX, Sam Bankman-Fried, was arrested by the Royal Bahamas Police Force on December 12, 2022, according to a press release put out by the Office of the Attorney General of The Bahamas. The arrest was made following a receipt of formal notification from the United States sent to the Bahamian government conveying that it had filed criminal charges against Fried and was likely to request his extradition, the release added. “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,” read the statement. https://twitter.com/SarahNEmerson/status/1602448748109512704 Why it matters: The arrest is significant because it underlines the extent of damage faced by investors due to the fall of FTX. It also marks a steep fall from grace for Bankman-Fried who was one of the richest crypto billionaires at one point. What are the criminal charges: A spokesman for the U.S. Attorney's office in Manhattan declined to comment on what the charges were as they were based on a sealed indictment as per a tweet from the Attorney’s Office. It added that the U.S. government will move to unseal the indictment in the near future. The charges can range from securities fraud, wire fraud, money laundering and related conspiracy charges, according to the New York Times. It was also reported that the U.S. Securities and Exchange Commission was planning to file charges against Bankman-Fried. https://twitter.com/SDNYnews/status/1602451395910803457 What did the Bahamian…
Ex-CEO of FTX Sam Bankman-Fried arrested in The Bahamas After U.S. presses charges
The U.S. formally notified the Bahamian government and is likely to seek extradition when the arrest was made, notes a press release
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