The police force from the Bahamas arrested Sam Bankman-Fried over criminal charges.
Sam Bankman-Fried (SBF) is the founder & former CEO of FTX crypto exchange. According to many reports, SBF used FTX users’ funds for personal benefits & huge amounts of donations to politicians. In the second week of November of this year, FTX faced a liquidity crunch situation and finally filed for bankruptcy on 12 November along with more than 100s of its affiliated companies.
On 13 December, The Office of the Attorney General released public information that the police force from the Bahamas took action following the US prosecutors and arrested SBF.
The Bahamas prime minister also talked about this arrest news and said that huge numbers of people from the US & Bahamas faced loss because of the FTX’s fraud.
Now SBF is under the custody of Bahamian police force but soon he will be handed over to the US government for further criminal charges.
Few people started to talk about the weak crypto regulatory policy of the Bahamas and also claimed that such weak policies forced this company to shift its headquarters from Hong KongKong to the Bahamas.
Recently in an interview with BBC, SBF said that he wants to start a new business to return the money that FTX customers lost because of the FTX exchange collapse.
Earlier this, many people were claiming why SBF appeared in big interviews & not face any criminal charges over the biggest fraud in crypto history because probably SBF was getting sympathy from big powers wrongly.