Sam Bankman-Fried (SBF) has been the number one topic in the media in the last few weeks. He was walking as a free man despite losing billions of dollars and participating in criminal activities, until now.
SBF got arrested
Former FTX CEO, SBF, has been arrested, as reported by the Attorney General of the Bahamas, Senator Ryan Pinder KC. After the United States filed criminal charges against SBF and likely demanded his extradition, the Royal Bahamas Police Force apprehended him.
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The tension rises as they have the “king”. A prime minister of the Bahamas, Philip Davis, said they are actively cooperating with the US to catch all individuals connected to the FTX collapse who may have broken the law, and hold them accountable. Now they may be looking for other FTX- associated people like Caroline Ellison.
The Bahamas will immediately process any extradition request made by the United States in accordance with its law and treaty responsibilities. Meanwhile, the crypto community rejoiced as it looks like justice has finally been served.
Sam Bankman-Fried has been charged with money laundering, securities fraud, wire fraud, and other types of criminal behavior, which could potentially lead to a life sentence. The arrest of SBF shows the crypto space that regulations are coming, and scammers won’t get away so easily.
This is a great stepping stone for the future of the cryptocurrency world as certain regulations could help avoid big scams, which would result in billions lost. Sam Bankman-Fried was supposed to testify on December 13th before the U.S. House of Representatives Committee on Financial Services. Reportedly, he will not participate, and the hearing will go on without him.