FTX Founder Arrested

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FTX founder Sam Bankman-Fried was arrested on Monday.

CNBC reported:

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

Before his arrest was announced, Bankman-Fried had been expected to testify virtually before the House Financial Services Committee on Tuesday. His arrest is the first concrete move by regulators to hold individuals accountable for the multi-billion dollar implosion of FTX last month.

He was the second biggest donor to the Democrat party last election cycle.

Fortune reported:

SBF was the second-largest Democratic donor during the last election cycle, and he told Fong he gave about the same amount to Republicans. Politicians including Sen. Kirsten Gillibrand (D-N.Y.), Rep. Jesus “Chuy” Garcia (D-Ill.), and Rep. Kevin Hern (R-Okla.) have since given the money back or pledged to after FTX imploded and rocked the crypto industry.

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