The Latest Breaking News from Bahamas

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Sam Bankman-Fried, the disgraced head of once-leading cryptocurrency trading platform FTX, is to be extradited to the US after being arrested in the Bahamas. US prosecutors have yet to unseal the indictment against 30-year-old Bankman-Fried, who became a billionaire during the cryptocurrrency boom. In this edition, we take a closer…

His firm filed for bankruptcy last month when customers were unable to withdraw their money

FTX founder was arrested in The Bahamas late Monday night after weeks of financial chaos that took down world’s third-largest cryptocurrency exchange

The crypto exchange was founded in 2019 and attracted big-name investors such as Singapore’s sovereign fund Temasek.

The arrest was made Monday after the U.S. filed criminal charges that are expected to be unsealed Tuesday, according to U.S. Attorney Damian Williams. Bankman-Fried had been under criminal investigation by U.S. and Bahamian authorities following the collapse last month of FTX.

Sam Bankman-Fried, the disgraced co-founder of digital-asset exchange FTX, was arrested in the Bahamas after the US government filed a criminal indictment, following weeks of speculation that client funds were misused before his empire’s collapse.

Bahamas government officials are working closely with failed crypto magnate Sam Bankman-Fried and trying to help him regain access to key computer systems of bankrupt FTX Trading, lawyers for FTX said in a court filing.

Arrest comes after six weeks of financial chaos that took down world’s third-largest cryptocurrency exchange