Sam Bankman-Fried, FTX Founder Arrested in Bahamas Over Collapse of His Crypto Empire as US Govt Files Charges
- The FTX founder Sam Bankman-Fried, who is accused of being responsible for the collapse of the cryptocurrency market, has been arrested in the Bahamas.
- The United States government already has demanded his arrest after filing criminal charges.
- When you consider that Sam Bankman-Fried was formerly wealthier than Aliko Dangote, his arrest sums up his fall from grace
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Failed cryptocurrency tycoon Sam Bankman-Fried has been arrested over the collapse of his billion dollars crypto trading firm, FTX exchange.
Bloomberg reports that the 30-year-old now faces extradition to the United States and is currently in detention by the Bahamian authorities at the request of the United States government.
The arrest is the first concrete move by the US government to hold individuals accountable for the multibillion-dollar implosion of FTX last month.
Source: AFP
Why Bankman-Fried was arrested
Damian Williams, lead prosecutor for the case on Tuesday, 13 December 2022 tweeted:
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"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the southern district of New York,"
However, before his arrest was announced, Bankman-Fried had been expected to testify virtually before the House Financial Services Committee on Tuesday, but his attorneys told CNBC that he will not appear.
The Charges similar to Hushpuppi
Although the crimes are different, Bankman and Ramon Olorunwa Abbas also known as Hushpuppi share similar charges.
The New York Times, citing a person familiar with the matter revealed that Bankman-Fried charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
Court documents also showed that Hushpuppi was also charged with wire fraud conspiracy and money laundering.
From grace to grass
The arrest marks a stunning fall from grace for the entrepreneur widely known by his initials SBF.
He rode a boom in bitcoin and other digital assets to become a billionaire many times over.
In fact an earlier report Legit.ng showed that he was once richer the Africa richest man Aliko Dangote according to the Bloomberg billionaire index.
Bankman-Fried was the love of many due to his unconventional style - which saw him sleep on a beanbag in the office - and commitment to sharing his wealth.
But it recently emerged that he lived with his friends in a £32 million penthouse in the Caribbean tax haven.
This is different from the giant beanbag on which Bankman-Fried said he sleeps beside his desk.
Air Peace others get new rival as Kano billionaire buys N4.2bn aircraft
Meanwhile, in another report after receiving approval from the federal government, Rano Air will soon be flying over Nigerian airspace.
The airline is owned by Kano-born business mogul and oil magnate, Alhaji Auwalu Abdullahi Rano.
To kick off the airline operation, Rano has spent over N4.2 billion in buying new aircraft.
Source: Legit.ng
