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Ryan Pinder, Attorney General of the Bahamas, announced that Sam Bankman-Fried, its founder, was arrested just over a month after crypto exchange FTX filed for bankruptcy.
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According to a notice, Bankman-Fried was arrested after the US informed the Bahamas about the criminal charges against him.
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It also stated that it would likely request his extradition from the country where he resides, which has served as a base for FTX operations.
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Damian Williams, the US Attorney for the Southern District of New York, confirmed the arrest and stated that he expected to "move to unseal indictment in the morning and will have much more to say at that point."
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SBF and his associates appeared to have used customer deposits with FTX to support his other business, Alameda Research.
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Once FTX's run revealed that it was short of funds, the exchange shut down its operations.
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Bankman-Fried was due to testify at congressional hearings this Wednesday.
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In recent weeks, he has been on a non-stop media tour, giving interviews to try to explain the events that took place inside a company that made him one of the youngest billionaires in the world.
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He has stated that "Never in all my career have I witnessed such a complete failure to corporate controls and such a complete lack of trustworthy financial information as was seen here."
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It contains five points that provide at least some insight into possible charges Bankman-Fried might face.
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Although many things remain unknown and questions remain at this point, the following is what we know.
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First, assets from FTX.com customers were commingled to assets from Alameda trading platforms.
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