September 29, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

FTX’s Crypto Kingpin Sam Bankman-Fried Arrested In The Bahamas

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Image for article titled Crypto Kingpin Sam Bankman-Fried Arrested In The Bahamas

Photo: Bloomberg (Getty Images)

Sam Bankman-Fried, the central figure in the collapse of crpyto exchange FTX, has just been arrested in The Bahamas and is likely to be quickly extradited to the United States to face criminal charges.

As CNBC report, authorities in The Bahamas have released a statement which reads:

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.

US authorities issued a statement shortly afterwards:

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Bankman-Fried, who sucked ass at League of Legends by the way, ran FTX. In just a few short years the crypto exchange went from nothing to plastering its name across all manner of sporting events and magazine covers. It was considered super valuable because it charged customers fees to buy and bet on crypto, but also because Bankman-Fried was considered the next tech whiz who was going to use FTX to launch a “super app” for finance that would make crypto legit.

Earlier this year, however, the entire thing collapsed, partly because crypto itself is a scam, but mostly because FTX in particular was very much a scam, down to the fact senior members of the exchange had a chat group called “Wirefraud”. Bankman-Fried, who was in The Bahamas in part to avoid having to testify before the House Financial Services Committee (FTX also moved its headquarters to the Caribbean nation last year), is now facing criminal charges in two countries, while his successor in charge of what’s left of FTX has already publicly said the company spent ”$5 billion…buying a myriad of businesses and investments, many of which may be worth only a fraction of what was paid for them”, and that Bankman-Fried had engaged in “unacceptable management practices.”

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