Bahamian Authorities Arrest SBF on the Request of US Authorities

Sam Bankman-Fried, in any other case generally known as SBF, the previous CEO of bankrupt cryptocurrency alternate FTX has been arrested in The Bahamas, with the ex-FTX boss more likely to be extradited to the USA.

SBF’s arrest comes a month after the sudden collapse of the as soon as large FTX, which later went on to file for Chapter 11 chapter.

• Based on a press launch on Monday (December 12, 2022) by the Workplace of the Lawyer Basic of the Bahamas, SBF’s arrest was carried out by the Royal Bahamas Police Pressure.
• Based on the announcement, the arrest of the previous crypto billionaire got here after the USA notified The Bahamas about legal costs filed towards SBF.
• In the meantime, the Bahamas awaits an extradition request from the USA, stating that it will likely be processed promptly “pursuant to the Bahamian legislation and its treaty obligations with the USA.”
• Commenting on the newest improvement, Prime Minister of The Bahamas, Philip Davis, stated:

“The Bahamas and the USA have a shared curiosity in holding accountable all people related to FTX who might have betrayed the general public belief and damaged the legislation. Whereas the USA is pursuing legal costs towards SBF individually, The Bahamas will proceed its personal regulatory and legal investigations into the collapse of FTX, with the continued cooperation of its legislation enforcement and regulatory companions in the USA and elsewhere.”

• The US Lawyer for the Southern District of New York, Damian Williams, confirmed the arrest by way of Twitter, stating that the motion was taken “on the request of the U.S. Authorities, primarily based on a sealed indictment filed by the SDNY.” The indictment is predicted to be unsealed on the morning of December 13, 2022.
• SBF’s arrest is the most important within the crypto business and comes one month after the collapse of his crypto alternate FTX. Earlier in December, the previous CEO agreed to testify earlier than the U.S. Home Committee on Monetary Providers, scheduled to carry on December 13.