TheCable

Sam Bankman-Fried, former chief executive officer (CEO) of FTX, has been arrested in the Bahamas.

FTX was an exchange platform that investors used to trade cryptocurrency for other assets, including digital currencies or cash.

Investors could also store their cryptocurrencies in digital wallets, similar to a bank.

Bahamian authorities said Bankman-Fred was picked up on Monday at the request of the US government.

His arrest followed criminal charges filed against him by the US government.

Damian Williams, US Attorney of the Southern District of New York (SDNY), confirmed in a tweet on Monday night.

Williams said the arrest was based on a sealed indictment filed by the SDNY.

“We expect to move to unseal the indictment in the morning and will have more to say at that time,” Williams tweeted.

USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.

— US Attorney SDNY (@SDNYnews) December 12, 2022

The FTX founder is under investigation over allegations of wire fraud, securities fraud conspiracy and money laundering following the collapse of FTX last month.

The firm filed for bankruptcy on November 11, when it ran out of money after the cryptocurrency equivalent of a bank run.