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Former FTX CEO Bankman-Fried arrested in the Bahamas
Updated On: 14 December, 2022 09:31 AM IST | Nassau | Agencies
The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy Nov
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Sam Bankman-Fried
FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress.
The arrest marks a stunning fall from grace for the 30-year-old entrepreneur widely known by his initials SBF, who rode a boom in bitcoin and other digital assets to become a billionaire many times over until FTX’s rapid demise. The exchange, launched in 2019 and based in the Bahamas, filed for bankruptcy Nov. 11 after it struggled to raise money to stave off collapse as traders rushed to withdraw $6 billion from the platform in just 72 hours.
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