It’s been a month since FTX, the crypto exchange, turned into fairy dust. As Sam Bankman-Fried’s (SBF) empire collapsed, the firm’s associated partners cut ties, including esports organization TSM.
While esports teams and fans have been busy dealing with the aftermath of FTX’s bankruptcy, the former CEO SBF was arrested by Bahamian authorities on Dec. 12 as SEC charged him with defrauding investors.
Attorney General of The Bahamas Sen. Ryan Pinder KC released a statement regarding the matter and explained the arrest occurred after they received formal notification from the United States that “it has filed criminal charges against SBF and were likely to request his extradition.”
Since the day FTX bit the dust, SBF had been on a media tour on various podcasts and interviews, explaining how he was in the dark and had no idea that the exchange had this many liabilities.
As many affected users questioned why SBF was allowed to roam free, it was a tweet by Maxine Waters that caused the backlash. The Chairwoman of the House Financial Services Committee invited SBF to a hearing on Dec. 13, and her request saw dodgy replies from the former FTX CEO.
After showing up to multiple interviews, and trying to explain his side of the story, SBF believed he didn’t have enough information to help the Financial Services Committee. After this, the official parties decided to subpoena SBF if he wasn’t to attend the Dec. 13 hearing—but SEC stroke first.
SEC’s decision might have sparked from the recent reports shared by the current FTX management, highlighting the incompetent and fraudulent practices of the crypto exchange. The files containing statements from FTX’s active CEO, John Ray III, denied everything SBF has been saying in his recent interviews, showcasing his sea of apologies could be an attempt at reducing a potential sentence or getting away from one altogether.
Published: Dec 13, 2022 08:17 am