Sam Bankman-Fried, the founder and former CEO of Bitcoin and cryptocurrency exchange FTX, has been arrested in the Bahamas by local authorities.

The arrest followed receipt of formal notification from the U.S. that it had filed criminal charges against SBF, per a statement from the Attorney General of the Bahamas. SBF’s extradition to the U.S. will likely be requested.

SBF has been on the news for a couple of years, but it wasn’t until recently that such coverage turned a dark corner. The Jane Street alumni turned crypto founder ultimately led his creations, FTX and Alameda Research, to insolvency as SBF’s severe mismanagement of users’ funds came to light. He then filed for Chapter 11 bankruptcy protection and resigned as CEO.


Source link

You May Also Like

Goldman Sachs Note Expects Fed to Pause Next Rates Hike Following Banking Crisis

A Goldman Sachs economist anticipates that the Fed would suspend its forthcoming…

Retail giant Pick n Pay to accept Bitcoin in 1,628 stores across South Africa

The South African grocery retailer Pick n Pay is expanding its Bitcoin…

Chainlink and Theta Network Might Lose Their Art Demographic to Cryptoons | Coinspeaker

Place/Date: – December 18th, 2022 at 10:41 pm UTC · 3 min…

Top Solana NFT Projects DeGods & y00ts Announce Departure, Will Migrate To New Blockchains |

Solana’s struggles continue. The FTX fallout, which included heaps of speculation around…