The former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, popularly known as SBF, has been arrested in The Bahamas, and he’s likely to be extradited to the United States.

This arrest is coming a month after the one-time giant exchange FTX suddenly collapsed, which later led them to file for Chapter 11 bankruptcy.

According to a press release by the Office of the Attorney General of the Bahamas on Monday (December 12, 2022), the Royal Bahamas Police Force proceeded to get SBF arrested.

It was mentioned that this arrest of the former crypto billionaire came after The Bahamas were notified by the United States about criminal charges filed against SBF.

However, the Bahamas will await an extradition request from the United States, while stating that it will be processed promptly “according to the Bahamian law and its treaty obligations with the United States.”

Damian Williams, The US Attorney for the Southern District of New York, confirmed the arrest via Twitter, stating that the arrest was carried out “at the request of the U.S. Government, based on a sealed indictment filed by the SDNY.” which is expected to be unsealed on the morning of December 13, 2022.

SBF’s arrest happens to be the biggest in the crypto industry and is coming one month after the collapse of his crypto exchange FTX. Earlier this month, the former CEO agreed to testify before the U.S. House Committee on Financial Services, which was slated to hold on the 13th of December.

Featured Image Source: cryptotimes.com