Sam Bankman-Fried, the founding father of the collapsed FTX cryptocurrency trade, has been arrested in The Bahamas after being criminally charged by prosecutors in the USA.
The 30-year-old was taken into custody within the Caribbean nation after US prosecutors notified them they’d filed fees and deliberate to hunt his extradition, the Workplace of the Legal professional Common of the Bahamas mentioned in a press release on Monday.
The US has not elaborated on the character of the costs.
FTX filed for Chapter 11 chapter safety within the US final month.
Here’s a historical past of FTX because it was arrange in 2019:
2019
Might: Former Wall Avenue dealer Sam Bankman-Fried and ex-Google worker Gary Wang discovered FTX, the proprietor and operator of cryptocurrency trade FTX.COM.
2021
July: FTX concludes a $900m funding spherical, which values the trade at $18bn.
September: FTX indicators a sponsorship cope with the Mercedes Components 1 crew.
October: FTX raises capital at a valuation of $25bn from buyers, together with Singapore’s Temasek and Tiger World.
2022
January 27: FTX’s US arm places its valuation at $8bn after elevating $400m in its first funding spherical from buyers, together with SoftBank Group and Temasek.
January 31: FTX raises $400m from buyers, together with SoftBank, at a valuation of $32bn.
June 4: FTX indicators for naming rights for the house enviornment of basketball’s Miami Warmth in a deal reportedly price $135m.
July 1: FTX indicators a cope with an possibility to purchase embattled crypto lender BlockFi for as a lot as $240m.
July 22: FTX gives a partial bailout of bankrupt crypto lender Voyager Digital. Voyager calls it a “low-ball bid”.
August 19: A US financial institution regulator orders FTX to halt “false and deceptive” claims it has made about whether or not funds on the firm are insured by the federal government.
November 2: Crypto information web site CoinDesk experiences a leaked stability sheet that reveals Alameda Analysis, Bankman-Fried’s crypto buying and selling agency, was closely depending on FTX’s native token, FTT. The Reuters information company was unable to confirm the report.
November 6: Binance CEO Changpeng Zhao says his agency plans to liquidate its holdings of FTT as a consequence of unspecified “latest revelations”.
November 7: Bankman-Fried says “FTX is okay. Property are wonderful”.
November 8: Binance says it’s planning a deal to amass FTX.
November 9: Binance decides in opposition to pursuing a bailout of FTX.
November 10: FTX suspends onboarding of latest shoppers in addition to withdrawals till additional discover. Bankman-Fried tells workers in a memo that he’s scrambling to boost funds and has held talks with Justin Solar, founding father of the crypto token Tron.
November 11: FTX begins voluntary Chapter 11 proceedings within the US, together with its US unit, crypto buying and selling agency Alameda Analysis and practically 130 different associates. Bankman-Fried resigns as CEO.
November 12: Reuters experiences at the least $1bn of buyer funds have vanished from FTX. The trade says it has detected unauthorised transactions. Blockchain analytics companies estimate outflows between $473m and $659m in “suspicious circumstances”.
November 13: Bahamas securities regulators launch a probe over the collapse of FTX, which has its base within the Caribbean nation.
November 15: Monetary regulators within the Bahamas appoint liquidators to run FTX’s unit within the nation.
November 16: FTX outlines a “extreme liquidity disaster” in US chapter filings, which present the group may have greater than 1 million collectors.
A courtroom submitting reveals FTX’s Bahamas unit, FTX Digital Markets, is looking for safety from collectors within the US underneath Chapter 15 of the US Chapter Code.
Bankman-Fried is sued in a US courtroom by buyers alleging the corporate’s yield-bearing crypto accounts violated Florida regulation.
Liquidators for FTX Digital Markets “reject the validity” of FTX’s US chapter proceedings.
Main crypto participant Genesis World Capital suspends buyer redemptions in its lending enterprise, citing the sudden failure of FTX.
November 17: The US Home Monetary Companies Committee says it plans to carry a listening to in December to research the collapse of FTX.
November 30: Bankman-Fried says in an interview on the New York Instances Dealbook Summit that “he didn’t ever attempt to commit fraud”.
December 12: Police arrest Bankman-Fried within the Bahamas, with the US anticipated to file for his extradition. US authorities decline to touch upon potential fees, however the New York Instances experiences the costs embrace wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and cash laundering.
