Royal Bahamian Police Force Arrests Sam Bankman-Fried

SBF Had a Secret 'Back Door' to Transfer Billions: Report
  1. FTX Founder Sam Bankman-Fried has been arrested.
  2. This follows the receipt of official information from the United States.
  3. Client and business assets were substantially commingled in the exchange.

Sam Bankman-Fried was taken into custody by the Royal Bahamas Police force on the 12th of December 2022, according to an announcement made by the office of the Attorney General of the Bahamas. 

Following the receipt of official information from the United States that it has filed criminal charges against SBF and is likely to seek his extradition, SBF was taken into custody shortly after the United States made its announcement.

As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney to seek SBF`s arrest and hold him in custody pursuant to our nation`s Extradition Act.

Sen. Ryan Pinder.

The Bahamas seek to expedite the extradition procedure as soon as possible. This implies that it must be done in accordance with Bahamian law as well as the duties imposed on it by its treaty with the United States.

Responding to SBF`s arrest, Prime Minister Davis stated, 

The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.

He also said that the Bahamas would continue its own criminal and regulatory investigations into the collapse of FTX. This follows the fact that the United States pursues criminal charges against SBF on an individual basis. With the continuing assistance of its law enforcement and regulatory partners in the US and worldwide, this will be feasible.

Among other difficulties, FTX CEO John Ray III revealed that client and business assets were substantially commingled. They lost billions. He claimed his new team had secured $1 billion in firm assets in his prepared speech, released earlier Monday.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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