The problems of the second largest
cryptocurrency exchange began a month ago. After that time, the CEO of FTX, Sam Bankman-Fried, was arrested in his mansion on Bahamas Island. We thought that he would escape or avoid punishment. The arm of justice may just have reached him. How did this surprising detention come to be?
It's common for exchanges to block client assets, assured that they won't.
This time SBF was sure that he would not be arrested. He said that on Twitter Space. One hour later, he was arrested. 😜
The attorney general of the Bahamas announced last night that the former CEO of FTX had been arrested in the island nation. American authorities explained that it came at their request. The US criminal charges against SBF won't be unsealed until this morning. According to the NYT, they will include wire fraud, securities fraud, securities fraud conspiracy, and money laundering.
The timing of the arrest is curious. It came just one day before SBF was set to testify before Congress about FTX's collapse.
Six months ago, no one would believe that SBF would be arrested for alleged fraud by Christmas. For a time, he was the golden child of the crypto industry, bringing on the biggest superstars (including Tom Brady) and making tens of millions in political campaign contributions.
What do you think about this arrest?
Let us know what you think!!! 📫
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