Sam Bankman-Fried, crypto king of collapsed FTX, has been arrested in the Bahamas and awaits extradition to the U.S.
While it’s not entirely a surprise that Bankman-Fried would wind up in custody a month after FTX imploded, leaving many investors wiped out and a host of unanswered questions about what happened, it’s an outcome he had tried to avoid and downplay. Against his lawyers’ advice, SBF two weeks ago appeared by video for a‘ DealBook Summit conference, where he denied wrongdoing while blaming the financial ruin on a series of his “mistakes.
Asked at that event about whether he felt he could safely travel to the U.S. without fear of detainment, he said he believed he could and bore no criminal liability. He also said the possibility of facing criminal charges was “not what I’m focusing on.” During that event and other interviews granted in defiance of sound legal advice, the 30-year-old Bankman-Fried — previously hailed as a wunderkind — fended off accusations of misuse of customer funds, shady real estate dealings in the Bahamas, and a hedonistic atmosphere at FTX’s offices and residential properties there. His former representation at the law firm Paul WeissShortly before the arrest was announced, Sens.
INBOX: Sen. Brown and Toomey say that SBF has declined their invitation to testify in front of the Senate Banking Committee on Wednesday and his counsel are "unwilling to accept service of a subpoena"
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