Sam Bankman-Fried Has Been Arrested In The Bahamas Ahead Of Probable Extradition – SlashGear

The statement issued by the Office of the Attorney General & Ministry of Legal Affairs (Bahamas) notes that The Royal Bahamas Police Force arrested Bankman-Fried after it was notified of criminal charges being pressed in the United States. The U.S. government is likely to move ahead with Bankman-Frieid’s extradition soon. For now, the fallen FTX chief will be held in custody in accordance with the Bahamas’ Extradition Act. More importantly, the statement makes it clear the local authorities intend to “promptly” accept the formal extradition request from the United States.

According to sources speaking with The New York Times, Bankman-Fried has been charged with money laundering, wire fraud and wire fraud conspiracy, security fraud, and securities fraud conspiracy. The indictment will be unsealed tomorrow, December 13. Bankman-Fried claimed a few days ago that he never tried to commit fraud, and that the whole FTX meltdown was the result of oversight. Meanwhile, according to legal experts cited by CNBC, Bankman-Fried could face life imprisonment if authorities can prove in court that he willingly committed wire or bank fraud following his potential arrest. FTX is also facing charges of market manipulation using its own FTT token, which featured heavily on the balance sheets of sister company Alameda Research.