NASSAU, BAHAMAS — Former FTX CEO Sam Bankman-Fried (SBF) is expected to appear before a magistrate today after police arrested him over the alleged breach of various financial offenses related to the collapse of the crypto exchange.
In a statement, Attorney General Ryan Pinder confirmed the arrest followed the receipt of a formal request from the United States that it has filed criminal charges against Bankman-Fried and would likely request his extradition.
“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act,” Pinder said.
“At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.”
According to police, Bankman-Fried was arrested at his Albany apartment complex shortly after 6pm.
“He was arrested reference to various Financial Offences against laws of the United States, which are also offences against laws of the Commonwealth of The Bahamas,” read the police statement.
“He was taken into custody without incident and will appear in Magistrate Court, Nassau Bahamas on Tuesday, December 13 2022.”
FTX Digital Markets was placed into provisional liquidation by the Supreme Court of The Bahamas on November 10.
The Supreme Court appointed Brian Simms KC, of Lennox Paton, Kevin Cambridge, of PwC Bahamas, and Peter Greaves, of PwC Hong Kong, as the Joint Provisional Liquidators.
FTX Trading Ltd filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware back on November 11.
According to court documents, the cryptocurrency exchange owes creditors $3.1 billion. The Securities Commission has taken action to freeze the assets of FTX Digital Markets and related parties, in the wake of the company’s collapse.
Responding to Bankman-Fried’s arrest, Prime Minister Philip Davis said: “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”
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