Sam Bankman-Fried, the co-founder and former CEO of collapsed crypto change FTX, was arrested Monday within the Bahamas, the lawyer common’s workplace for the Bahamas mentioned in a press release.

The arrest got here after the workplace was notified by the US that it is filed prison prices towards Bankman-Fried and would seemingly search extradition, the workplace mentioned. Damian Williams, the US Legal professional for the Southern District of New York, confirmed the arrest and mentioned an indictment would seemingly be introduced Tuesday, though it wasn’t instantly clear what the costs can be.

“Earlier this night, Bahamian authorities arrested Samuel Bankman-Fried on the request of the US authorities, primarily based on a sealed indictment filed by the SDNY,” Williams wrote in a tweet Monday afternoon. “We anticipate to maneuver to unseal the indictment within the morning and can have extra to say at the moment.”

USA Damian Williams: Earlier this night, Bahamian authorities arrested Samuel Bankman-Fried on the request of the U.S. Authorities, primarily based on a sealed indictment filed by the SDNY. We anticipate to maneuver to unseal the indictment within the morning and can have extra to say at the moment.

— US Legal professional SDNY (@SDNYnews) December 12, 2022

The US Securities and Alternate Fee additionally plans to file prices on Tuesday towards Bankman-Fried associated to violations of securities regulation, Gurbir Grewal, the federal regulatory company director of enforcement, mentioned in a companion tweet Monday night.

Bankman-Fried, who’s higher generally known as SBF, resigned as FTX’s CEO in November after the beleaguered cryptocurrency platform filed for Chapter 11 chapter safety. The Bahamas-based change had been one of many largest gamers in cryptocurrency, and Bankman-Fried famend for his lobbying of politicians on each side of the aisle, however its meltdown has raised doubts about cryptocurrency and has left clients questioning if they’re going to ever get their a reimbursement. 

Revelations in regards to the holdings and shut relationship between FTX and Alameda Analysis — over a 3rd of the belongings on Alameda’s steadiness sheet had been FTT tokens issued by FTX — final month triggered a cascading collection of occasions that led Alameda to stop operations and FTX to file for chapter safety. Billions in buyers’ funds seemingly vanished in a single day. 

“I used to be the CEO of FTX. Which means I used to be accountable,” Bankman-Fried mentioned throughout a dwell interview on the Dealbook Summit on Nov. 30. Bankman-Fried famous he “would not be stunned if someday I’m up there speaking about what occurred to our representatives.”

The US Division of Justice and different companies are investigating allegations of fraud and mishandling of funds by FTX. Bankman-Fried has denied committing fraud or purposely misusing buyer cash.

The previous face of crypto has been requested by US Rep. Maxine Waters, the chair of the Home Monetary Companies committee, to testify at a listening to on the FTX debacle scheduled for Dec. 13. Bankman-Fried responded that he is keen to testify however that he wanted time to arrange.

Philip Davis, the Bahamas’ prime minister, mentioned that whereas the US is pursuing prison prices towards SBF, the island nation the place the change was primarily based can be conducting its personal prison and regulatory investigations into FTX’s collapse.

It wasn’t instantly clear whether or not Bankman-Fried had employed an lawyer to characterize him within the matter.

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