FTX founder Sam Bankman-Fried arrested in Bahamas

The Bahamas constabulary person arrested Sam Bankman-Fried, laminitis of the collapsed cryptocurrency speech FTX, the country's lawyer wide has said.

The Bahamas said it received ceremonial notification from the US of transgression charges against Mr Bankman-Fried.

Last period FTX filed for bankruptcy successful the US, leaving galore users incapable to retreat their funds.

It was the 2nd largest crypto speech successful the world, trading astir $10bn of crypto coins each day.

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried astatine the petition of the US Government, based connected a sealed indictment filed by the SDNY [Southern District of New York]. We expect to determination to unseal the indictment successful the greeting and volition person much to accidental astatine that time," the US Attorney's bureau successful Manhattan said successful a tweet.

In a bid of interviews and nationalist appearances successful caller weeks, Mr Bankman-Fried has acknowledged that mistakes were made astatine the steadfast but sought to region himself from accusations of amerciable activity.

"I didn't ever effort to perpetrate fraud," helium said astatine the New York Times' Dealbook Summit astatine the extremity of past month.

FTX filed for bankruptcy extortion connected 11 November successful 1 of the astir precocious illustration collapses of cryptocurrency speech aft users pulled $6bn (£4.9bn) from the level successful 3 days and rival speech Binance abandoned a rescue deal.

At the aforesaid time, Mr Bankman-Fried resigned arsenic FTX's main executive.

According to a tribunal filing past month, FTX owed its 50 largest creditors astir $3.1bn.

The illness of FTX came during a tumultuous twelvemonth for the cryptocurrency industry.

This twelvemonth Bitcoin has mislaid much than 60% of its value, portion different cryptocurrencies person besides slumped.

Mr Bankman-Fried was erstwhile viewed arsenic a young mentation of legendary US capitalist Warren Buffett, and arsenic precocious arsenic precocious October had a nett worthy estimated astatine much than $15bn.

He had go good known successful Washington DC arsenic a governmental donor, supposedly supporting pandemic prevention and improved crypto regulation.