### Sam Bankman-Fried has been arrested in the Bahamas.


It has been reported that Bahamian authorities arrested Sam Bankman-Fried (SBF) in response to a request from the United States, and a sealed indictment filed by the SDNY. Criminal charges have been filed against SBF in the U.S., his home country. 



A statement by U.S. Attorney Damian Williams said, “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 United States Attorney’s Office for the Southern District of New York.”

SBF founded the cryptocurrency exchange FTX. It grew into a multibillion dollar group of companies which included a crypto hedge fund: Alameda Research and over 130 other companies. He has been living in the Bahamas and running his business from there. 

Just over a month ago, the entire FTX group filed for bankruptcy protection and SBF has remained in his Bahamas residence-office since. The group had a valuation of over $32B. 

The speed in which the FTX group unwound has left many crypto users stunned. It was only days before the bankruptcy filing on November 11, 2022 that a November 2, 2022 [report](https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/) from Coindesk flagged questionable items in the balance sheet of Alameda Research: a large amount of assets were in the form of an illiquid token - FTT.

One large investor of FTT, another cryptocurrency exchange called Binance confirmed publicly that it is unwinding its stash of FTT. Binance quickly stopped selling after SBF asked the founder of Binance for help and for a few moments it appeared that FTX might avoid disaster. 

Binance announced a non-binding agreement to buy FTX and the crypto community gave a collective sigh of relief. The respite was short lived because Binance pulled out after about a day of conducting due diligence. Soon after, a 'bank-run' ensued as FTX users rushed to withdraw their funds. 

SBF estimated withdrawals amounting to $6B in a matter of hours. As panic was mounting, SBF fired out a series of tweets, even assuring users that FTX is 'fine'. It was on November 8, 2022 that FTX halted all crypto withdrawals. On November 11, 2022, FTX, Alameda Research and 130 other companies filed for bankruptcy protection. 


Bankman-Fried faces criminal investigations by both the U.S. and the Bahamas for his role in the collapse of FTX. He is accused of funneling FTX customer funds to Alameda Research, a crypto hedge fund.

The U.S. Attorney's Office of the Southern District of New York said in a tweet that it expects to unseal Bankman-Fried’s indictment on Tuesday.


<blockquote className="twitter-tweet"><p lang="en" dir="ltr">USA Damian Williams: 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. We expect to move to unseal the indictment in the morning and will have more to say at that time.</p>&mdash; US Attorney SDNY (@SDNYnews) <a href="https://twitter.com/SDNYnews/status/1602451395910803457?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote> 

Sam Bankman-Fried has been arrested in the Bahamas.

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