SBF Arrested In Bahamas

Story- Divya Sinha

Former FTX CEO Sam Bankman-Fried got arrested in the Bahamas at the behest of U.S. prosecutors.

According to the NYT's sources, SBF faces a list of charges including wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.

The arrest is out of grace for the 30-year-old entrepreneur, widely known by his initials SBF.

Before the FTX collapse, SBF was among one of the richest people in the crypto industry.

He launched FTX in 2019 which then grew it into one of the leading exchanges for buying and selling crypto derivatives.

As of early 2022, investors valued FTX and its U.S. operations together at $40 billion.

After the FTX debacle, SBF in an interview said that he is left with only one working credit card and $100,000 in the bank account.