shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > World News > Article > Former FTX CEO Bankman Fried arrested in the Bahamas

Former FTX CEO Bankman-Fried arrested in the Bahamas

Updated on: 14 December,2022 09:31 AM IST  |  Nassau
Agencies |

The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy Nov

Former FTX CEO Bankman-Fried arrested in the Bahamas

Sam Bankman-Fried

FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress. 


The arrest marks a stunning fall from grace for the 30-year-old entrepreneur widely known by his initials SBF, who rode a boom in bitcoin and other digital assets to become a billionaire many times over until FTX’s rapid demise. The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy Nov. 11 after it struggled to raise money to stave off collapse as traders rushed to withdraw $6 billion from the platform in just 72 hours. 


Also Read: US researchers announce historic nuclear fusion breakthrough


The US Securities and Exchange Commission has charged him with orchestrating a scheme to defraud investors. The arrest came as Bankman-Fried prepared to lash out at his former lawyers at Sullivan and Cromwell, new FTX CEO John Ray and rival exchange operator Binance at a Congressional hearing.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK