FTX founder Sam Bankman-Fried arrested in the Bahamas
Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, was arrested Monday in the Bahamas at the request of the U.S. government.
In a statement, the government of the Bahamas said the arrest came after officials received "formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition."
This was confirmed by the U.S. Attorney for the Southern District of New York, Damian Williams, who said Bahamian officials arrested Bankman-Fried "at the request of the U.S. government, based on a sealed indictment." He added that the indictment will likely be unsealed on Tuesday morning, "and we will have more to say at that time."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
On Nov. 11, FTX filed for bankruptcy after a run on deposits "exposed an $8 billion hole in the company's accounts," The New York Times writes. Bankman-Fried was soon being investigated by the Department of Justice and the Securities and Exchange Commission, with federal prosecutors in Manhattan looking into whether any laws were broken when FTX transferred billions of dollars to Alameda Research, a crypto hedge fund started and owned by Bankman-Fried.
Bankman-Fried made several public appearances after the bankruptcy filing, and at the recent DealBook Summit, he pinned FTX's collapse on "huge management failures." He had been scheduled to testify before a congressional committee on Tuesday.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Diamonds could be a brilliant climate solution
Under the radar A girl and the climate's best friend
By Devika Rao, The Week US Published
-
Crossword: November 12, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku hard: November 12, 2024
The Week's daily hard sudoku puzzle
By The Week Staff Published
-
What Trump's win could mean for Big Tech
Talking Points The tech industry is bracing itself for Trump's second administration
By Theara Coleman, The Week US Published
-
Racist texts tell Black people in US to prepare for slavery
Speed Read Recipients in at least a dozen states have been told to prepare to 'pick cotton' on slave plantations
By Peter Weber, The Week US Published
-
Australia proposes social media ban before age 16
Speed Read Australia proposes social media ban before age 16
By Peter Weber, The Week US Published
-
FTC bans fake online product reviews
Speed Read The agency will enforce fines of up to $51,744 per violation
By Peter Weber, The Week US Published
-
Network states: the tech bros who want to create new countries
Under The Radar Concept would allow you to 'choose your nationality like you choose your broadband provider'
By Chas Newkey-Burden, The Week UK Published
-
States sue TikTok over children's mental health
Speed Read The lawsuit was filed by 13 states and Washington, D.C.
By Rafi Schwartz, The Week US Published
-
Paraguay's dangerous dalliance with cryptocurrency
Under The Radar Overheating Paraguayans are pushing back over power outages caused by illegal miners
By Chas Newkey-Burden, The Week UK Published
-
Amazon ending 'Just Walk Out' grocery checkout
Speed Read In its place, the company will let customers scan while they shop with Amazon Dash Cart
By Peter Weber, The Week US Published