Pastel Network co-founder Anthony Georgiades argues 'it'll take time' to trace back disgraced FTX founder Sam Bankman-Fried's 'co-mingled' assets.
Sam Bankman-Fried, disgraced founder of the cryptocurrency exchange FTX was arrested in the Bahamas Monday, authorities said.
Bahamian authorities said Bankman-Fried’s arrest came after the United States filed charges against him and was likely to request extradition.
FILE: Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.
"The Bahamas and the United States in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law," Prime Minister Philip Davis said in a statement.
"While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere."
"At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States," said the Office of the Attorney General and Ministry of Legal Affairs in a statement.
Bankman-Fried was scheduled to testify before a congressional committee on Tuesday – his first under oath since FTX filed for bankruptcy last month.
The cryptocurrency exchange filed for bankruptcy on Nov. 11 when the firm ran out of money after the cryptocurrency equivalent of a bank run.
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