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EGW-NewsCryptoAll newsSam Bankman-Freed was detained in the Bahamas
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Sam Bankman-Freed was detained in the Bahamas
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Sam Bankman-Freed was detained in the Bahamas

Photo: CQ-Roll Call, Inc via Getty Images

The authorities of the Bahamas have detained Sam Bankman-Fried, the founder of the American cryptocurrency exchange FTX, who left the post after the collapse of the company. Together with the detention of the accused of fraud, the prosecutor's office believes that the United States will punish the criminal in the future.

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The U.S. Attorney's Office for the Southern District of New York has released a classified indictment against the founder of FTX. It is expected that today it was supposed to be declassified.

Sam Bankman-Fried is accused of fraud with cryptocurrencies and securities in especially large sums. The fall of the FTX exchange gave rise to a chain of events that negatively affects the entire cryptocurrency market: the closure of exchanges due to financial difficulties, a supposedly longer period of crypto winter, and so on.

It is noteworthy that in early November, the Bankman-Fried fortune was estimated at $ 17,000,000,000, and after the fall of FTX, and, as a result, a strong reduction in the price of the native token of the cryptocurrency exchange, he left the club of billionaires. At the end of November, Sam said that he had only $100,000 left in his bank account, but what he has besides bank accounts is a rhetorical question.

Sam Bankman-Freed was detained in the Bahamas. Photo 1

Photo: Bloomberg via Getty Images

The American cryptocurrency exchange is known for being popular in the US and being the second largest in the world, and no one expected the fall of FTX. According to the news, the company was not as bad as one might think, but the organization reported big financial problems and filed for financial insolvency.

Now the bankruptcy case is pending. John Ray III, who succeeded Sam Bankman-Freed, said he had not seen such an amateur attitude to the case as in the case of Bankman-Freed in all 40 years of his experience in bankruptcy cases.

Other representatives of the cryptocurrency industry believe that everything that is happening is a deliberate fraud on the part of the former head of FTX and his team. Sam, in turn, claims that 8 people are involved in the case and he is close to revealing the list of participants in the fraud.

The big impact of FTX on the world of cryptocurrencies is that many other exchanges and companies have kept almost all their funds on the American crypto exchange and are now left without access to their resources. Now they have to declare bankruptcy one by one and leave the sphere or start their journey from scratch.

FTX was trying to raise about $9,400,000,000 from investors and competitors in order to provide a reserve after a massive client withdrawal.

It also turned out that Sam Bankman-Fried used client money to cover debts in another company that was under his leadership, Alameda Research. The ex-head of FTX, of course, refuses this data. After the fall of the American exchange, about 130 companies associated with FTX should close. According to experts from the world of cryptocurrencies, all these organizations were originally created to carry out a fraudulent scheme.

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