There is no end to the events with the collapse of the stock exchange cryptocurrencies FTX, as founder and former CEO of the platform Sam Bankman-Freed, was arrested yesterday in the Bahamas.

A 30-year-old man who was considered a rising crypto star was arrested at his apartment located in a luxury residential complex in the Bahamas. According to police, he will appear in court today. His lawyers expect him to be extradited to the US.

Royal Bahamas Police statement on the arrest of Samuel Benjamin Bankman-Freed.

Police say SAMUEL BENJAMIN BANKMAN-FRIED, 30, from California, USA, has been arrested. pic.twitter.com/Mr85S2fzcN

— Latra L. Raming (DOC)🇧🇸 (@latraelrahming) December 13, 2022

According to the New York Times, the former crypto magnate has been charged with fraud and money laundering. In addition, the US Securities and Exchange Commission also approved charges related to violations of securities laws.

The former billionaire himself said in an interview at the end of November that he did not believe in committing any criminal hellish acts. He acknowledged that he had made serious mistakes, but denied cheating.

FTX scandal

Cryptocurrency exchange FTX, launched in 2019 and based in the Bahamas, filed for bankruptcy on November 11. On the same day, Bankman-Fried resigned as CEO.

The platform suffered a massive exodus of investors who withdrew nearly $6 billion in just 72 hours. It was then revealed that its founder was secretly using $10 billion in client funds.

His arrest was ordered by the U.S. Attorney’s Office, and today the so-called “Warren Buffett of cryptocurrencies” was due to testify to Congress about the bankruptcy of the once-mighty FTX.

According to a draft document seen by Reuters, the 30-year-old who lost billions of dollars in an instant was to blame his former lawyers, the new CEO of FTX, and rival exchange Binance.

Now that he’s under arrest, he won’t be able to testify to Congress.

According to Reuters