Former FTX CEO Bankman-Fried arrested in Bahamas

The US Securities and Exchanges Commission charged Sam Bankman-Fried, the founder of the now defunct cryptocurrency exchange FTX, with fraud on Tuesday, according to a report by Reuters.

Separate charges would be announced by the US Attorney’s Office for the Southern District for New York and the Commodity Futures Trading Commission later on Tuesday, the SEC said.

Bankman-Fried was arrested in the Bahamas on Monday, at the request of US authorities, a day before he was scheduled to testify before Congress. He intended to claim in his testimony that his former attorneys at Sullivan and Cromwell forced him to propose John Ray as CEO after a sudden outflow of customer funds from FTX, one of the world’s biggest cryptocurrency exchanges. And when he quickly changed his mind after being offered billions in new money, he was informed that it was too late.

Read the full report: Reuters.

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]