Sam Bankman-Fried has been arrested by The Royal Bahamas Police Drive following studies that america filed prison expenses towards the founder and former CEO of cryptocurrency change FTX, and is more likely to request his extradition.

The Workplace of the Legal professional Common of the Bahamas issued a press release at present, which was reported by BNO and different information shops, that it might maintain Bankman-Fried in custody till “a proper request for extradition is made.”

In a press release, Bahamian Prime Minister Philip Davis stated, “The Bahamas and america have a shared curiosity in holding accountable all people related to FTX who could have betrayed the general public belief and damaged the legislation. Whereas america is pursuing prison expenses towards SBF individually, The Bahamas will proceed its personal regulatory and prison investigations into the collapse of FTX, with the continued cooperation of its legislation enforcement and regulatory companions in america and elsewhere.”

The workplace america Legal professional for the Southern District of New York Damian Williams confirmed the arrest and the truth that it was made “on the request of the U.S. Authorities, based mostly on a sealed indictment filed by the SDNY.” In a tweet, the workplace of the SDNY added: “We anticipate to maneuver to unseal the indictment within the morning and can have extra to say at the moment.”

The previous billionaire was scheduled to testify tomorrow as a witness earlier than the U.S. Home of Representatives Committee on Monetary Providers, TechCrunch’s Jacquelyn Melinek reported earlier at present. The committee is investigating the occasions that led as much as FTX’s implosion, which resulted within the crypto change submitting for chapter final month and Bankman-Fried being pressured to step down as chief govt.

As TechCrunch beforehand reported, Reuters reported final month that Bankman-Fried secretly transferred $10 billion in FTX consumer funds to affiliated buying and selling agency Alameda Analysis. Bankman-Fried advised the publication that the switch of the funds was a misreading of the “complicated inner labeling.” He has repeatedly claimed ignorance of any wrongdoing.

Axios reported earlier at present that Bankman-Fried “continued to say no to testify in entrance of the U.S. Senate Banking Committee, and that his attorneys are refusing to simply accept a subpoena,” in line with a brand new assertion from Sens. Sherrod Brown and Pat Toomey.

This can be a growing story. TechCrunch reporter Amanda Silberling contributed to this piece.

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