Former FTX CEO arrested

Former FTX CEO Sam Bankman-Fried (SBF) was arrested by local authorities today, according to a statement from Attorney General Ryan Pinder.

Pinder said the move came after the receipt of “formal notification from the United States that it has filed criminal charges against Bankman-Fried and is likely to request his extradition”.

“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,” Pinder said in the statement.

“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.

Responding to SBF’s arrest, Prime Minister Philip Davis stated, “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.”

FTX filed for bankruptcy in the United States last month after experiencing a liquidity crisis. 

The Securities Commission of The Bahamas has frozen the company’s assets and the provisional liquidators have been appointed by the Bahamian Supreme Court.

FTX’s collapse last month sent shock waves across the cryptocurrency industry.

Officials have said in US court documents that there is evidence of fraud and mismanagement at FTX.

FTX has over 100 companies in over 20 countries.

It lost between $10 billion and $50 billion, court documents show.

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