For the last month, the crypto world has been gripped by the fall of FTX, the now defunct exchange company, which filed for bankruptcy in early November. Scores of customers may have to wait years to get their money back, if they ever get it all. It’s also made a name out of its schlubby young founder, Sam Bankman-Fried, who’s spent the aftermath playing video games and doing lots of probably incriminating interviews. Now he’s been arrested.
BREAKING: Attorney General of the Bahamas has said @SBF_FTX has been arrested following “receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.” pic.twitter.com/4Jpwf0FHea
— sarah emerson (@SarahNEmerson) December 12, 2022
As per The New York Times, Bahamian authorities have rounded up Bankman-Fried after receiving word that American authorities had filed criminal charges against him. (FTX and much of its staff were based in the Bahamas.) NYT reports that the charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
The arrest comes after Bankman-Fried refused to travel to testify before Congress in-person, telling them bluntly that he’s “quite overbooked,” as well as concerned about “paparazzi.” He was also afraid about being arrested upon touching foot in the States. He had sought to testify virtually.
Earlier this year, FTX was seen as a big deal in the crypto scene. It was even promoted by Larry David and Tom Brady, both of whom are surely nonplussed that they threw their weight behind a business that has left untold customers missing millions they may never see again.