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Sam Bankman-Fried has been arrested by The Royal Bahamas Police Power following reviews that the USA filed felony prices in opposition to the founder and former CEO of cryptocurrency alternate FTX, and is prone to request his extradition.
The Workplace of the Legal professional Common of the Bahamas issued an announcement at present, which was reported by BNO and different information retailers, that it will maintain Bankman-Fried in custody till “a proper request for extradition is made.”
In an announcement, Bahamian Prime Minister Philip Davis stated, “The Bahamas and the USA have a shared curiosity in holding accountable all people related to FTX who could have betrayed the general public belief and damaged the regulation. Whereas the USA is pursuing felony prices in opposition to SBF individually, The Bahamas will proceed its personal regulatory and felony investigations into the collapse of FTX, with the continued cooperation of its regulation enforcement and regulatory companions in the USA and elsewhere.”
The workplace the USA Legal professional for the Southern District of New York Damian Williams confirmed the arrest and the truth that it was made “on the request of the U.S. Authorities, primarily based on a sealed indictment filed by the SDNY.” In a tweet, the workplace of the SDNY added: “We count on to maneuver to unseal the indictment within the morning and could have extra to say at the moment.”
The previous billionaire was scheduled to testify tomorrow as a witness earlier than the U.S. Home of Representatives Committee on Monetary Providers, TechCrunch’s Jacquelyn Melinek reported earlier at present. The committee is investigating the occasions that led as much as FTX’s implosion, which resulted within the crypto alternate submitting for chapter final month and Bankman-Fried being pressured to step down as chief government.
As TechCrunch beforehand reported, Reuters reported final month that Bankman-Fried secretly transferred $10 billion in FTX shopper funds to affiliated buying and selling agency Alameda Analysis. Bankman-Fried instructed the publication that the switch of the funds was a misreading of the “complicated inside labeling.” He has repeatedly claimed ignorance of any wrongdoing.
Axios reported earlier at present that Bankman-Fried “continued to say no to testify in entrance of the U.S. Senate Banking Committee, and that his legal professionals are refusing to just accept a subpoena,” in accordance with a brand new assertion from Sens. Sherrod Brown and Pat Toomey.
This can be a creating story. TechCrunch reporter Amanda Silberling contributed to this piece.
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