US authorities say the former chief executive of the failed cryptocurrency exchange FTX Sam Bankman-Fried has been arrested in the Bahamas.
The US attorney’s office in New York on Monday said the founder of FTX was arrested at the request of the US government. Mr Bankman-Fried is under criminal investigation by US and Bahamian authorities following the collapse last month of FTX. The firm filed for bankruptcy on November 11, when it ran out of money after the cryptocurrency equivalent of a bank run.
FTX grew to become the second-largest cryptocurrency exchange in the world. That all unravelled quickly last month, when reports called into question the strength of FTX’s balance sheet. Customers moved to withdraw billions of dollars, but FTX could not meet all the requests because it apparently used its customers deposits to cover bad bets at Mr Bankman-Fried’s investment arm, Alameda Research.
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