Bahamian Authorities Arrest SBF at the Request of US Government

Sam Bankman-Fried, in any other case often known as SBF, the previous CEO of bankrupt cryptocurrency trade FTX has been arrested in The Bahamas, with the ex-FTX boss more likely to be extradited to the US.

SBF’s arrest comes a month after the sudden collapse of the as soon as big FTX, which later went on to file for Chapter 11 chapter.

• In response to a press launch on Monday (December 12, 2022) by the Workplace of the Lawyer Common of the Bahamas, SBF’s arrest was carried out by the Royal Bahamas Police Drive.
• In response to the announcement, the arrest of the previous crypto billionaire got here after the US notified The Bahamas about legal prices filed towards SBF.
• In the meantime, the Bahamas awaits an extradition request from the US, stating that it will likely be processed promptly “pursuant to the Bahamian legislation and its treaty obligations with the US.”
• Commenting on the most recent improvement, Prime Minister of The Bahamas, Philip Davis, mentioned:

“The Bahamas and the US have a shared curiosity in holding accountable all people related to FTX who could have betrayed the general public belief and damaged the legislation. Whereas the US is pursuing legal prices towards SBF individually, The Bahamas will proceed its personal regulatory and legal investigations into the collapse of FTX, with the continued cooperation of its legislation enforcement and regulatory companions in the US and elsewhere.”

• The US Lawyer for the Southern District of New York, Damian Williams, confirmed the arrest through Twitter, stating that the motion was taken “on the request of the U.S. Authorities, primarily based on a sealed indictment filed by the SDNY.” The indictment is anticipated to be unsealed on the morning of December 13, 2022.
• SBF’s arrest is the most important within the crypto trade and comes one month after the collapse of his crypto trade FTX. Earlier in December, the previous CEO agreed to testify earlier than the U.S. Home Committee on Monetary Providers, scheduled to carry on December 13.