Looks like embattled FTX CEO Sam Bankman-Fried won’t be testifying before Congress after all. The Bahamas Attorney General’s Office announced Monday that Bankman-Fried has been arrested and is likely to be extradited in short measure back to the US to stand trial. The AG’s office noted that his arrest came after, “receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.”
The news of his arrest should come as little surprise given that last Friday the Department of Justice came out and said that it was “closely” examining his role in the multi-billion cryptocurrency exchange’s recent collapse, which is expected to harm more than a million individual investors. Justice Department officials made those statements while meeting with the crypto exchange’s bankruptcy team to discuss whether FTX had improperly moved hundreds of millions of dollars just ahead of its declared bankruptcy last November.