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 receipt of formal notification from the U.S. that it had filed criminal charges against SBF, per a statement from the Attorney General of the Bahamas. SBF’s extradition to the U.S. will likely be requested.

SBF has been on the news for a couple of years, but it wasn’t until recently that such coverage turned a dark corner. The Jane Street alumni turned crypto founder ultimately led his creations, FTX and Alameda Research, to insolvency as SBF’s severe mismanagement of users’ funds came to light. He then filed for Chapter 11 bankruptcy protection and resigned as CEO.


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By pplny

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