Bahamian Authorities Arrest SBF on the Request of US Authorities

Former CEO of failed crypto trade FTX, Sam Bankman-Fried, aka SBF, has been arrested within the Bahamas, and the previous FTX boss is prone to be extradited to the US.

The SBF arrest comes a month after the sudden collapse of the once-giant FTX, which later filed for Chapter 11 chapter.

• In accordance with a press launch from the Workplace of the Legal professional Common of the Bahamas on Monday (12 December 2022), the arrest of SBF was carried out by the Royal Bahamas Police.
• The arrest of the previous crypto billionaire got here after america notified the Bahamas of legal prices filed in opposition to SBF, based on the announcement.
• The Bahamas, in the meantime, are awaiting an extradition request from america, which it says shall be processed expeditiously “in accordance with Bahamian legislation and its treaty obligations with america.”
• Commenting on the most recent developments, Bahamian Prime Minister Philip Davis mentioned:

“The Bahamas and america have a standard curiosity in holding accountable all people related to FTX who could have betrayed public belief and violated the legislation. Whereas submitting legal prices, the Bahamas will proceed its personal regulatory and legal investigation into the collapse of FTX with continued cooperation from legislation enforcement and regulatory companions in america and elsewhere.”

• Damien Williams, U.S. Legal professional for the Southern District of New York, Confirmed He mentioned on Twitter that the arrest was made “on the request of the U.S. authorities based mostly on a sealed indictment filed by SDNY.” The indictment he shall be opened on the morning of December 13, 2022.
• SBF’s arrest is the most important within the crypto business and comes a month after his crypto trade FTX collapsed. Former CEO, early December agreed to testify Earlier than the US Home Monetary Providers Committee, scheduled for December thirteenth.