- SBF was arrested in Nassau after he was criminally charged by U.S. officials.
- The Southern District of New York has also confirmed his arrest on Twitter.
- SBF was to appear before the US House Financial Services Committee on Tuesday.
According to the latest reports, the founder of the bankrupt cryptocurrency exchange FTX Sam Bankman-Fried (SBF) was arrested on Monday in The Bahamas. The arrest was made after Sam was criminally charged by U.S. officials.
The Southern District of New York, which is investigating the FTX case, confirmed his arrest on Twitter.
The Royal Bahamas Police Force revealed in a statement that Bankman-Fried was arrested at his apartment complex after 6 p.m. ET Monday in Nassau, and will appear in court Tuesday.
Bankman-Fried was taken in after the police received formal orders of criminal charges against him from the US. The US Securities and Exchange Commission (SEC) said that it had authorized charges against Bankman-Fried for violating securities laws.
The former golden boy of crypto was apparently set to appear virtually before the US House Financial Services Committee on Tuesday, and would have been grilled on how the firm came down.
However, after the arrest, Rep. Maxine Waters, chairwoman of the US House Financial Services Committee, said on Monday:
While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow, we remain committed to getting to the bottom of what happened.
The hearing will also require testimony from FTX’s newly appointed CEO, John J. Ray III who is now in charge of heading the bankruptcy process. Notably, several crypto firms have suspended operations and also frozen customer accounts because of their relations with FTX.
SBF’s controversy apparently took a huge toll on his family as his parents, Joseph Bankman and Barbara Fried, professors at Stanford Law, would no longer be teaching in the school from next year.