BREAKING: FTX founder details arrested, 4 weeks after cryptocurrency platform crash

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Authorities in the Bahamas arrested former FTX CEO Sam Bankman-Fred at the behest of the US government, just a day before he was due to testify before Congress.

SBF was arrested by the Royal Bahamas Police Force after formal notification from the United States government that criminal charges had been filed against him, according to a Dec. 12 statement from the Bahamas' Attorney General and Minister for Legal Affairs, Ryan Bender. Citing a person familiar with the matter, The New York Times reported on December 12 that the charges against Bankman Fried include fraud, conspiracy to commit fraud, and money laundering, and that the United States is likely to request Bankman Fried's extradition, with Bender stating that the Bahamas will handle ' urgently” any request for delivery.

Bahamas Prime Minister Philip Davis said in a statement that both countries have a 'shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.'

BREAKING: FTX founder details arrested, 4 weeks after cryptocurrency platform crash
The letter announcing the #SBF arrest is from the Bahamas Attorney General.

A tweet from the US Attorney's Office for the Southern District of New York said authorities in the Bahamas arrested Bankman Fried based on a sealed indictment she filed and intended to release it 'in the morning.'

Bloomberg reported on Dec. 10 that New York prosecutors, FBI agents and regulators met with FTX attorneys to discuss documents the investigators want to obtain. The US Department of Justice (DOJ) was looking 'closely' into whether FTX improperly moved hundreds of millions around the same time the company declared bankruptcy on November 11. Likewise, Bahamas authorities have been conducting their 'active and ongoing' investigation into FTX.

Bankman-Fred's arrest comes a day before he is expected to appear remotely to testify before the House Financial Services Committee at a hearing investigating the collapse of the FTX platform.

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