FTX CEO Sam-Bankman Fried arrested in Bahamas

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Updated December 13, 2022 | Published December 13, 2022

2 mins read

Sam Bankman-Fried has been detained by the Royal Bahamas Police after the US filed criminal charges against the former crypto billionaire.

Bahamian authorities arrested Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, on Monday evening.

The 30-year-old American entrepreneur was seized for “financial offences” against laws in the US and The Bahamas.

The Royal Bahamas Police detained Bankman-Fried after formal notification from the US that it had filed criminal charges against the once crypto billionaire, according to a statement from the Bahamian Office of the Attorney General and Ministry of Legal Affairs.

Bahamas Prime Minister Philip Davis said: “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 its own criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the FTX collapse, with continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

Bankman-Fried will be held in custody in accordance with the Bahamas’ extradition treaty.

As per the US government's extradition treaty with the Bahamas, the US can extradite defendants for charges involving offences that are criminal in both countries.

US Attorney for the Southern District of New York (SDNY) Damian Williams said: “Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY.

“We expect to move to unseal the indictment in the morning and will have more to say at that time”.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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