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Sam Bankman-Fried was arrested in the Bahamas

He is anticipated to be extradited to the United States shortly.
| Cryptopress
Last updated: December 13, 2022


Bankman-Fried has been apprehended in the Bahamas. According to CNBC, Bankman-arrest Fried’s warrant was issued after US officials filed charges against him. This was confirmed by Ryan Pinder, who is the Attorney General of the Bahamas. He said that the U.S. was likely going to ask for his extradition soon.

In a statement about this, Philip Davis, the prime minister of the Bahamas, said:

The Bahamas and the United States have an interest in holding responsible any FTX employees who may have broken the law and damaged the public’s confidence. The Bahamas will keep doing its own regulatory and criminal investigations into the FTX collapse, with the help of its regulatory and law enforcement colleagues from the US and around the world.

Criminal Offenses and Possible U.S. Extradition

The U.S. Attorney’s Office for the Southern District of New York has confirmed that federal prosecutors have filed an indictment against Bankman-Fried for the following crimes, which have not been made public yet:

U.S. Damian Williams Samuel Bankman-Fried was arrested tonight in the Bahamas because of a secret indictment filed by the SDNY at the request of the US government. We plan to do something to unseal the indictment in the morning, when we will also have more to say.

And the U.S. Attorney Pinder’s report says this about the possibility of extraditing Bankman-Fried to the U.S.: “Due to the notification received and the materials that went with it, it was deemed acceptable for the Attorney General to pursue SBF’s arrest and keep him in jail under the Extradition Act of our country.”

“When the Bahamas get a formal extradition request, they try to take care of it quickly in accordance with Bahamian law and their treaty obligations to the US.”

Tomorrow, Bankman-Fried is expected to speak before the House Financial Services Committee. Notably, the arrest would be the first time that U.S. authorities took legal action against the people who were to blame for the failure of FTX and its related businesses.

A source who knows about the situation told the New York Times that Bankman-Fried is being charged with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and laundering money. According to estimates, he may be sentenced to between 50 and 150 years in jail, or multiple life sentences, if he is proven guilty of these allegations.

Cover: An illustration of Sam Bankman-Fried.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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