Senator Ryan Pinder KC, the Bahamas Attorney General, declared that the founder of FTX – Sam Bankman-Fried – has been arrested. The Royal Bahamas Police Force is credited for the respective arrest following the filing of criminal charges by the United States authorities against him. The Bahamian authorities have additionally been requested for the extradition of the former FTX CEO.
The Authorities in Bahamas Arrest Bankman-Fried as the US Files Charges Against Him
While responding to the arrest of the entrepreneur, Prime Minister David of the Bahamas remarked on this move. He mentioned that the United States and the Bahamas are the countries that have collective concerns for the answerability of those who are related to the crypto exchange FTX. According to him, these individuals might be engaged in betraying the trust of the public as well as violating the law.
The Bahamian authorities are focused on carrying out separate inquiries into the crash of the crypto empire of Sam Bankman-Fried. In this matter, the US-based, as well as the external regulatory partners and the law enforcement agencies, would require cooperation. After an official request for Bankman-Fried’s extradition, the Bahamas would likely proceed with it in line with the treaty obligations as well as the law of the country.
The arrest of the former CEO of FTX is a new and astounding development in the continuous inquiries being done against the cryptocurrency exchange. The crash of the FTX has been effective in bringing about great financial drainage for investors. Following this incident, significant concerns have been raised about the stability of the wider market of crypto assets. It has been confirmed by US Damian Williams in a Twitter post that Bankman-Fried has been arrested.
As per him, the unsealing of the indictment against the defendant is to take place in the morning. The Director of the Division of Enforcement of the SEC, Gurbir Grewal, tweeted that the agency advises the enforcement collaborators to carry out Bankman-Fried’s arrest on federal criminal allegations.
FTX Founder Could Experience Life Imprisonment
As per the director, the securities regulator has authorized distinct charges dealing with the infringement of securities laws. The respective charges would likely be filed in the Southern District of New York, as per Grewal. The legal experts are of the view that a serious punishment like life imprisonment could be faced by Bankman-Fried.