Bahamian Authorities Arrest SBF at the Request of US Government

Sam Bankman-Fried, otherwise known as SBF, the former CEO of bankrupt cryptocurrency exchange FTX has been arrested in The Bahamas, with the ex-FTX boss likely to be extradited to the United States.

SBF’s arrest comes a month after the sudden collapse of the once giant FTX, which later went on to file for Chapter 11 bankruptcy.

• According to a press release on Monday (December 12, 2022) by the Office of the Attorney General of the Bahamas, SBF’s arrest was carried out by the Royal Bahamas Police Force.
• According to the announcement, the arrest of the former crypto billionaire came after the United States notified The Bahamas about criminal charges filed against SBF.
• Meanwhile, the Bahamas awaits an extradition request from the United States, stating that it will be processed promptly “pursuant to the Bahamian law and its treaty obligations with the United States.”
• Commenting on the latest development, Prime Minister of The Bahamas, Philip Davis, said:

“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. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

• The US Attorney for the Southern District of New York, Damian Williams, confirmed the arrest via Twitter, stating that the action was taken “at the request of the U.S. Government, based on a sealed indictment filed by the SDNY.” The indictment is expected to be unsealed on the morning of December 13, 2022.
• SBF’s arrest is the biggest in the crypto industry and comes one month after the collapse of his crypto exchange FTX. Earlier in December, the former CEO agreed to testify before the U.S. House Committee on Financial Services, scheduled to hold on December 13.