Overview
According to NYT reporting, Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, was arrested in the Bahamas Monday after US prosecutors filed criminal charges against him. The US Attorney for the Southern District of New York confirmed the charges and an indictment will be unsealed Tuesday. The charges are related to the sudden collapse of FTX, and potential market manipulation and mismanagement of customer funds. Bankman-Fried had been previously viewed as a ‘golden boy’ of the crypto industry and a major donor to the Democratic Party, but his business and personal fortune had dwindled. He had given numerous interviews in the wake of FTX’s collapse, blaming management failures and sloppy accounting, claiming he had not attempted to commit fraud.
