Monitoring Desk
ISLAMABAD/ NASSAU: The Bahamas police on Monday arrested collapsed cryptocurrency exchange FTX’s founder Sam Bankman-Fried.
The country’s attorney general confirmed that Bankman-Fried was arrested in the Bahamas at the behest of US.
FTX cryptocurrency
The founder of the FTX cryptocurrency exchange, which for bankruptcy in the US earlier, will be produced before a court in The Bahamas on Tuesday (today), Bahamas officials said.
Police said Bankman-Fried was arrested for financial offences against laws in the US and The Bahamas.
Sam Bankman-Fried was arrested a day before he testified before US Congress about the abrupt failure of the largest cryptocurrency exchange company last month.
The arrest marks a stunning fall from grace for Sam Bankman-Fried, the 30-year-old entrepreneur, who rode a boom in bitcoin and other digital assets to become a billionaire for three years until FTX’s rapid demise.
The Bahamas-based FTX, launched in 2019, filed for bankruptcy on November 11, 2022, after it struggled to raise money to fend off downfall as traders rushed to withdraw around $6 billion from the platform within just 72 hours.
