Sam Bankman-Fried has been arrested by the Bahamian authorities Monday evening. Oddly enough, this comes after a day he agreed to testify before the U.S House Financial Services Committee in connection to the collapse of FTX and Alameda which was based in Nassau.
Reports are coming out that the Bahamian Office of the Attorney General & Ministry of Legal Affairs shared a statement that the Royal Bahamas Police detained Bankman-fried following a request by the United States to do such an action.
Damian Williams, U.S. Attorney for the Southern District of New York explained more about the current situation.
“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY, we expect to move to unseal the indictment in the morning and will have more to say at that time.”, he said.
Bahamas Prime Minister Philip Davis came out with a statement that states that he expects to work with the United States in solving this issue.
“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,” he said.
In summary, it was only a matter of time before they held Bankman-Fried, this was not just an isolated incident between the Bahamas and the United States, it was a global operation and hundreds of thousands have been impacted by alleged “malpractice” with customer funds.
Hopefully, those who are involved will face the fullest extent of the law and will be set as an example for others who would want to mislead customers and misuse their funds. Let’s see how this story develops over time as it’s only the beginning.
