Bahamian Authorities Arrest SBF at the Request of US Federal government

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Sam Bankman-Fried, or else identified as SBF, the previous CEO of bankrupt cryptocurrency trade FTX has been arrested in The Bahamas, with the ex-FTX manager probable to be extradited to the United States.

SBF’s arrest comes a thirty day period just after the sudden collapse of the after large FTX, which later went on to file for Chapter 11 individual bankruptcy.

  • In accordance to a press launch on Monday (December 12, 2022) by the Office environment of the Attorney Basic of the Bahamas, SBF’s arrest was carried out by the Royal Bahamas Police Drive.
  • In accordance to the announcement, the arrest of the former crypto billionaire arrived immediately after the United States notified The Bahamas about criminal charges submitted against SBF.
  • In the meantime, the Bahamas awaits an extradition ask for from the United States, stating that it will be processed immediately “pursuant to the Bahamian legislation and its treaty obligations with the United States.”
  • Commenting on the most current advancement, Prime Minister of The Bahamas, Philip Davis, stated:

“The Bahamas and the United States have a shared curiosity in keeping accountable all people affiliated with FTX who may have betrayed the public rely on and broken the legislation. When the United States is pursuing legal expenses towards SBF individually, The Bahamas will continue its own regulatory and felony investigations into the collapse of FTX, with the ongoing cooperation of its regulation enforcement and regulatory companions in the United States and elsewhere.”

  • The US Lawyer for the Southern District of New York, Damian Williams, verified the arrest via Twitter, stating that the action was taken “at the ask for of the U.S. Government, based mostly on a sealed indictment submitted by the SDNY.” The indictment is predicted to be unsealed on the morning of December 13, 2022.
  • SBF’s arrest is the largest in the crypto market and arrives one particular month just after the collapse of his crypto exchange FTX. Previously in December, the former CEO agreed to testify prior to the U.S. Residence Committee on Financial Expert services, scheduled to maintain on December 13.
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