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Former FTX CEO Sam Bankman-Fried set to testify after being arrested

On Monday, Bahamian authorities arrested Sam Bankman-Fried, who is the the former CEO and founder of crypto exchange platform FTX, the US Attorney’s Office Southern District of New York confirmed on Twitter.

“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY,” the attorneys office tweeted. “We expect to move to unseal the indictment in the morning and will have more to say at that time.”

Bahamian Prime Minister Philip Davis added in a press release: “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,” according to AOL.

Legal experts expect Bankman-Fried will be extradited back to the US.

Bankman-Fried’s arrest is a result of FTX and its affiliate companies filing for bankruptcy in November after their market price crashed, with many alleging that the company essentially stole billions of dollars from FTX customers. Bankman-Fried allegedly siphoned the funds to his other company Alameda Research.

House Financial Services Committee Chairwoman Maxine Waters (D-CA) said of Bankman-Fried’s arrest: “The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity.”

AOL reported that Bankman-Fried has been scheduled to testify before the House Financial Services Committee on Tuesday.

ARTICLE: PAUL MURDOCH

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: ABC NEWS

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Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

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