Former cryptocurrency billionaire Sam Bankman-Fried has been arrested in the Bahamas… and it appears his legal problems are only going to get worse, with criminal charges in the United States on the way.
SBF was arrested Monday, according to Bahamas Attorney General Ryan Pinder, and the US has filed criminal charges against the FTX founder. SBF was scheduled to testify before a Congressional committee on Tuesday about the cryptocurrency company’s recent multibillion-dollar collapse.
Damian Williams, the United States Attorney for the Southern District of New York, says SBF was arrested at the request of the United States Government, based on a sealed indictment filed by the SDNY.
The criminal charges against SBF are unknown… but Williams says the indictment will be unsealed Tuesday morning.
Meanwhile, the Bahamas Attorney General says the US is likely to seek SBF’s extradition.
FTX was once one of the world’s largest cryptocurrency exchanges, with a recent valuation of $30 billion, before becoming insolvent and declaring bankruptcy.
SBF stepped down as CEO, and celebrities who endorsed the company have been sued.
