FTX founder Sam Bankman-Fried arrested in Bahamas

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FTX founder Sam Bankman-Fried arrested in Bahamas
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FTX filed for bankruptcy last month, leaving many unable to withdraw their funds from the cryptocurrency exchange.

In a series of interviews and public appearances in recent weeks, Mr Bankman-Fried has acknowledged that mistakes were made at the firm but sought to distance himself from accusations of illegal activity.

"I didn't ever try to commit fraud," he said at the New York Times' Dealbook Summit at the end of last month. FTX filed for bankruptcy protection on 11 November in one of the most high profile collapses of cryptocurrency exchange after users pulled $6bn from the platform in three days and rival exchange Binance abandoned a rescue deal.According to a court filing last month, FTX owed its 50 largest creditors almost $3.1bn.This year Bitcoin has lost more than 60% of its value, while other cryptocurrencies have also slumped.

Mr Bankman-Fried was once viewed as a young version of legendary US investor Warren Buffett, and as recently as late October had a net worth estimated at more than $15bn. He had become well known in Washington DC as a political donor, supposedly supporting pandemic prevention and improved crypto regulation.

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