The founder of the cryptocurrency exchange FTX, Sam Bankman-Fried was arrested in the Bahamas after bankruptcy
Sam Bankman-Fried became the biggest name in the cryptocurrency exchange market as he established FTX and build a billion-dollar company.
However, things did not go smoothly as expected as the cryptocurrency exchange crashed.
Bankman-Fried filed for bankruptcy in the US which caused a stir in the crypto market because many people have invested huge amounts in FTX.
People will not be able to get their amount back due to bankruptcy.
Today, the news sources reported that Sam has been arrested for ‘financial offenses’ against US laws. He will appear in the magistrates’ court in Nassau.
About the events, Sam said, “I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was,”