FTX Founder Sam Bankman-Fried Arrested BlockBlog

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Sam Bankman-Fried, the founder and former CEO of Bitcoin and cryptocurrency exchange FTX, has been arrested in the Bahamas by local authorities.

The arrest followed the receipt of official notification from the United States that they had filed criminal charges against SBF, according to a statement from the Attorney General of the Bahamas. SBF’s extradition to the United States will likely be sought.

SBF has been in the news for a few years, but it’s only recently that such coverage has taken a dark turn. Jane Street alumni turned crypto founders ultimately drove its creations, FTX and Alameda Research, into insolvency as SBF’s serious mismanagement of user funds came to light. He then filed for Chapter 11 bankruptcy protection and resigned as CEO.

The disgraced entrepreneur then embarked on a series of unusual interviews, talking about the companies and his side of the story to as many journalists willing to give him a stage. Notably, however, SBF would only refrain from answering the tougher questions, reaching a point where it said it “did not knowingly mix user funds.”

Now the story is about to take a new turn as prosecutors decide to unseal the indictment on Tuesday morning. A source familiar with the matter told The New York Times that the charges against SBF include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.

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