Former FTX CEO Sam Bankman-Fried has been Arrested in Bahamas

December 13, 2022

MCP News Free

Former FTX CEO Sam Bankman-Fried has been Arrested in Bahamas

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.

Be ahead of others through personal interaction with experts to make a fortune in the space.

Our Paradise Team members are experienced traders I bet you will love to interact with. Use PRO20% for your special 20% discount today as the promo expires soon. Our recommended exchanges for our ParadiseFamilyVIP are Binance, Kucoin, and Bybit. Click here to see reviews from our clients.

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.

Bankman-Fried was set to testify before the House tomorrow. Tonight he was arrested.

While I am disappointed we will not have the opportunity to present our line of questioning, we look forward to more information coming to light and justice being served in this case. https://t.co/HS9u1n5Kur
— Alexandria Ocasio-Cortez (@AOC) December 13, 2022

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.”

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.
— Senator Cynthia Lummis (@SenLummis) December 13, 2022

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.

I've long urged @TheJusticeDept to hold corporate executives personally accountable when their companies break the law.

Crypto executives who break the law are just like any other crooks. If Sam Bankman-Fried committed fraud, then federal prosecutors should send him to prison.
— Elizabeth Warren (@SenWarren) December 13, 2022

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.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.