Formerly FTX (FTT-USD) CEO Sam Bankman-Fried was arrested in the Bahamas after the United States filed criminal charges, according to the island nation.
The move comes a day before Bankman-Fried’s expected testimony before the House The Financial Services Committee was constituted on Tuesday.
“Following SBF’s arrest, he is likely to be extradited following formal notification from the United States of criminal charges against him,” said Bahamas Attorney General Ryan Pinder.
“As a result of the notification and the accompanying information, the Attorney General has deemed it appropriate to arrest SBF and detain him pursuant to our nation’s extradition laws.”
Bankman-Fried is reportedly hoping to start a new business Make enough money to repay FTX’s investors.
U.S. Attorney Damian Williams said, “This evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. government, based on a sealed indictment that was filed. [Southern District of New York]. We expect to unseal the indictment in the morning and will have more to say at that time.”