ex FTX boss Sam Bankman Fried arrested in the Bahamas
At the beginning of November 2022, the FTX platform had suddenly no longer been able to return to its customers the money they had deposited there. The ex FTX boss, Sam Bankman Fried, will be brought to justice in the Bahamas on Tuesday, December 13, 2022; the day after his arrest in the archipelago at the request of the American authorities.
The United States filed a complaint against the ex FTX boss
The U.S. has “filed a complaint” against the 30-year-old, who resides in the Bahamas, and “will probably request his extradition”, explained the Attorney General of the Bahamas, Ryan Pinder, in a press release relayed on Twitter (in English).
Sam Bankman Fried has been making media appearances for a month, despite the risk of a lawsuit for fraud after the spectacular implosion of the company, valued at 32 billion dollars at the start of the year.
Will Sam Bankman Fried end his life in prison?
An investigation opened in the Bahamas
Both countries “have an interest in holding accountable individuals associated with FTX who may have betrayed the public trust and broken the law,” said Philip Davis, the archipelago’s prime minister. The Bahamas will conduct its own “criminal investigation into the collapse of FTX”, he added.
Considered one of the world’s leading cryptocurrency exchanges, FTX was suddenly unable to return the money they had deposited there to its customers in early November. The group announced its bankruptcy filing on November 11, 2022.
Read also: The Collapse of FTX raises the question of the regulation of crypto-assets
A “complete failure” of FTX
Sam Bankman-Fried was supposed to speak this Tuesday, December 13, 2022 before a parliamentary committee of the House of Representatives, as was John Ray, the new boss of FTX.
The ex-executives of the bankrupt platform have shown a “complete failure” at all levels of control, spending without really counting the money of their customers, said Monday, December 12, 2022 John Ray, in a document published on the eve of the congressional hearing.
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At first glance, “the collapse of the FTX group appears to be the result of the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals, who have not implemented any of the systems or controls required for a company entrusted with other people’s money or assets,” the official stressed.
The Collapse of FTX raises the question of the regulation of crypto-assets
Sources: Economic Times, BBC, Barron’s
Foto credit: TheDigitalArtist via Pixabay
