‘House of cards’: SEC charges Sam Bankman-Fried with $1.8B fraud

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‘House of cards’: SEC charges Sam Bankman-Fried with $1.8B fraud
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Bahamian authorities arrested Bankman-Fried on Monday at the request of the United States.

prepared to grill Bankman-Fried on the stunning collapse last monthFTX grew to become the second-largest cryptocurrency exchange in the world. Last month, it filed for Chapter 11 bankruptcy protection.

Customers moved to withdraw billions of dollars, but FTX could not meet all the requests because it apparently used its customers deposits to cover Bankman-Fried was charged by federal prosecutors working out of the Justice Department’s Manhattan office.Bankman-Fried was taken into custody just after 6 p.m. on Monday. Bahamian law enforcement officials removed Bankman-Fried from his apartment complex in the Albany resort of the Bahamas, local police said in a statement.The US will in all likelihood seek Bankman-Fried’s extradition from the Bahamas.

Bahamian Attorney General Ryan Pinder said the Bahamas would “promptly” extradite Bankman-Fried to the US once the indictment is unsealed and US authorities make a formal request.

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