Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
National
Ken Sweet

Bankman-Fried to face off with lawmakers over FTX collapse

Former FTX chief executive Samuel Bankman-Fried testifies before the US Senate on 9 February 2022 (Saul Loeb/AFP via Getty Images)

Disgraced cryptocurrency baron Sam Bankman-Fried has been arrested in The Bahamas on behalf of the US government, officials said.

Prosecutors in New York City announced last evening that Bankman-Fried, the former chief executive of the bankrupt cryptocurrency exchange FTX, had been arrested by local authorites on the basis of a sealed indictment from their office.

The attorney general of The Bahamas confirmed that in a letter, saying it was expecting a US extradiction request and would consider it in accordance with Bahamian law.

Fortune reported last week that US prosecutors were mulling fraud charges against Mr Bankman-Fried, and examining the financial transfers he made as FTX tipped into insolvency.

It comes after six weeks of financial chaos that took down the world’s third-largest cryptocurrency exchange and humbled its colourful 30-year-old founder, known as SBF.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.