FTX founder arrested in Bahamas

By Naveen Dec 13, 2022

He will appear in a magistrate's court in the Caribbean nation's capital, Nassau, on Tuesday.

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Police said Mr Bankman-Fried, 30, had been arrested for "financial offences" against laws in the US and The Bahamas.

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Last month, FTX filed for bankruptcy in the US. Many users were unable to withdraw their funds.

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According to court filings, FTX owes around $3.1bn (£2.5bn) to its 50 largest creditors.

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One of the most serious allegations against Mr. Bankman-Fried.

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He used billions of dollars in customer funds to prop up his investment firm Alameda.

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It's unclear how much people holding funds in the exchange will get back at the end of the bankruptcy process.

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