10 things you need to know today: December 13, 2022

Bahamian officials arrest FTX founder Sam Bankman-Fried, Raffensperger receives subpoena in special counsel's Trump investigation, and more

FTX founder Sam Bankman-Fried
(Image credit: Jabin Botsford/The Washington Post via Getty Images)

1. FTX founder Sam Bankman-Fried arrested in the Bahamas

Bahamian authorities on Monday arrested Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX. The move came after U.S. prosecutors filed criminal charges including wire fraud, securities fraud, fraud conspiracy, and money laundering, The New York Times reported, citing a person familiar with the matter. The government of the Bahamas, where Bankman-Fried and his company were based, said the arrest came in anticipation of an expected U.S. request to extradite the disgraced executive. Bankman-Fried had been set to testify before the House Financial Services Committee about the sudden implosion of FTX, once the world's second largest crypto firm, which caused a run on deposits that exposed an $8 billion shortfall in its accounts.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.