Arrest of FTX Cryptocurrency Exchange Founder

The Bahamian police announced the arrest of Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, after U.S. prosecutors filed criminal charges against him. The Southern District of New York, which is investigating the case of Bankman-Fried (30 years old) and the collapse of FTX and its trading firm Alameda, confirmed his arrest in a tweet, stating that "the authorities of the Bahamas arrested Samuel Bankman-Fried at the request of the U.S. government based on a sealed indictment presented by SDNY." It is unclear what charges await Fried, who became a pariah in the cryptocurrency community last month when his company faced a liquidity crisis and filed for bankruptcy, leaving at least a million depositors unable to access their funds. Fried was scheduled to testify virtually on Tuesday before the U.S. House Committee on Financial Services, which is seeking answers about the company's collapse. The new CEO of FTX, John J. Ray, is also set to testify today.