Looks like embattled FTX CEO Sam Bankman-Fried won’t be testifying (virtually) before Congress after all. The Bahamas Attorney General’s Office announced Monday that Bankman-Fried has been arrested there and is likely to be extradited in short measure back to the US to stand trial. The AG’s office noted that his arrest came after, “receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.”
The news of SBF’s arrest should come as little surprise given that last Friday the Department of Justice came out and said that it was “closely” examining his role in the multi-billion cryptocurrency exchange’s recent and meteoric collapse. Justice Department officials made those statements while meeting with the crypto exchange’s bankruptcy team to discuss whether FTX had improperly moved hundreds of millions of dollars just ahead of its declared bankruptcy last November.
Bankman-Fried was scheduled to testify before Congress at the House Financial Services Committee on Tuesday. However, as United States Attorney Damian Williams explained in a Tweet Monday, Bankman-Fried has been taken into custody “based on a sealed indictment,” which will be revealed in the morning.
Developing…
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