The founder of the bankrupt FTX cryptocurrency exchange, Sam Bankman-Fried has been arrested by the Bahamian authorities after the US government filed criminal charges against him.
Recall that MyCryptoParadise had earlier reported the likely extradition of the disgraced former CEO of FTX. The charges filed against Bankman-Fried by the US which led to his arrest on Monday December 12 are likely to be a step toward extraditing him to the US.
The arrest of the founder of FTX is also a step by regulators toward holding people accountable for their actions in the crypto industry.
FTX collapse may eventually be a revolution for the crypto industry as the event has spurred more regulatory requirements which many countries will be looking into. Also, the arrest of the former FTX CEO is a good move toward investors’ trust in Bitcoin and other cryptocurrencies.
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Crypto Twitter Reacts
Following the breaking of the news of the arrest of Bankman-Fried on Monday evening, the crypto community especially on Twitter has expressed shock as the industry believed his arrest came earlier than expected.
New York Democratic Representative Alexandria Ocasio-Cortez, who has always been indifferent about crypto said on Twitter that Bankman-Fried’s arrest is a step towards serving justice, recall that Bankman-Fried is supposed to testify before the House Financial Services Committee on December 13, she added that the arrest would postpone the testimony.
The crypto Friendly senator, Senator Cynthia Lummis also expressed what she felt about the arrest. According to Lummis;
“What happened at FTX appears to be good, old-fashioned fraud, and I’m glad prosecutors have been investigating what happened to ensure everyone who committed crimes is held accountable for what they did.”
Crypto skeptic Elizabeth Warren also reacted to the news which according to Warren, the US justice department needs to hold more lawbreaking corporate executives accountable.
In a statement, Bahamian 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,” Davis added.
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