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Sam Bankman-Fried arrested in the Bahamas

CEO of FTX Sam Bankman-Fried testifies during a hearing before the U.S. House Financial Services Committee on Capitol Hill in Washington, D.C., on Dec. 8, 2021. | Photo by Alex Wong/Getty Images

Sam Bankman-Fried, disgraced founder of crypto empire FTX, was arrested in the Bahamas today. Bahamian authorities arrested the 30-year-old, known as SBF, following criminal charges filed by U.S. prosecutors in the Southern District of New York. 

The founder of the Bahamas-based cryptocurrency exchange FTX, SBF was once worth $26 billion. But in November, the exchange collapsed and filed for bankruptcy amid allegations he mismanaged customer funds.

U.S. Prosecutors began laying the groundwork for legal action against SBF in early December. 

Bankman-Fried’s parents, both Stanford Law professors, flew out to the Bahamas in November to offer support to their son. SBF’s legal team is also said to include white-collar crime expert and Stanford professor, David W. Mills. 

The crypto founder has raised eyebrows in recent weeks for moving forward with a slew of interviews about the fall of his crypto empire, despite lawyers’ warnings that his public appearances may cause legal troubles.

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