In response to a notification by the United States government that criminal charges had been filed against Sam Bankman-Fried, the Royal Bahamas Police Force arrested him. Ryan Pinder, Bahamian Attorney General and Minister of Legal Affairs, says any extradition request will be processed “promptly.” The United States is likely to request the CEO’s extradition.
Philip Davis, Bahamas Prime Minister, said the United States and the Bahamas both share a “common interest” in holding individuals accountable for FTX’s actions. SBF’s violations of securities laws and money laundering have also been sanctioned by the Securities and Exchange Commission (SEC).
The Chairwoman of the House Financial Services Committee, Maxine Waters, said the panel would still hold hearings on the collapse of FTX. In an attempt to avoid or delay the hearing, SBF, the founder of FTX, has claimed that he is still uncertain about what led to the collapse of the company. In spite of this, Waters threatened to serve him with a subpoena, making him appear for a hearing. Waters’ decision to take such a hard stance on the issue has been applauded by many who are advocating for increased accountability and regulation.
SBF and FTX are being accused of a variety of offenses, including misuse of customer funds while lending them out to Alameda Research. This is one of the major allegations against them.
