Former FTX CEO Bankman-Fried Arrested in Bahamas After Filing US Charges
By Jasper Ward, Luke Cohen and Angus Berwick
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Sam Bankman-Fried The FTX founder was arrested in the Bahamas on Monday at the behest of US prosecutors.
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The day before he testified before Congress about the sudden failure of one of the world's largest cryptocurrency exchanges last month.
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The arrest marks a stunning fall from grace for the 30-year-old entrepreneur who is widely known by his initials SBF.
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Who rose to become a multi-billionaire in bitcoin and other digital assets until FTX's quick demise.
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The Bahamas-based exchange filed for bankruptcy on November 11, 2019.
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The arrest comes as Sullivan and Cromwell prepare to lash out at new FTX CEO John Ray and rival exchange operator Binance, his former lawyer, at the Bankman-Fried congressional hearings.
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In testimony, a draft copy of which was seen by Reuters, Bankman-Fried said she was pressured by Sullivan & Cromwell lawyers to name Ray as CEO after the sudden exit of client funds.
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And when he changed his mind within minutes, after being offered billions of dollars in new funding, he was told it was too late.
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Bankman-Fried will now be unable to testify, according to Congresswoman Maxine Waters, who said in a statement that she was surprised to hear of his arrest.