FTX founder Sam Bankman-Fried arrested in the Bahamas
The founder of one of the world's largest cryptocurrency exchanges has been arrested in the Bahamas weeks after his company collapsed.
Sam Bankman-Fried was arrested on the request of prosecutors in the United States.
The arrest was sought by the US Attorney of the Southern District of New York.
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Sam Bankman-Fried, co-founder and chief executive officer of FTX. Bloomberg via Getty Images
"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY," US Attorney Damian Williams said in a statement.
"We expect to move to unseal the indictment in the morning and will have more to say at that time."
Bankman-Fried was the founder and CEO of FTX, a major crypto business that filed for bankruptcy last month.
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Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself. Getty
He was due to testify to the US Congress tomorrow about the collapse of his business.
Since the collapse of his business, Bankman-Fried has been actively defending or apologising for his actions as boss of FTX on Twitter and in media interviews.
At the peak of his wealth Bankman-Fried had an estimated value of $38 billion. Now it is believed he has no material wealth at all.
The company relocated to the Bahamas last year.
A tweet posted by Sam Bankman-Fried about the collapse of FTX. Twitter
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