Sam Bankman-Fried, founder of the collapsed crypto exchange FTX, has arrested in the Bahamas after being criminally charged by prosecutors in the United States.
The Bahamas Attorney General’s office said in a statement Monday that the 30-year-old was taken into custody in the Caribbean nation after US prosecutors informed them they had filed charges. and plan to seek his extradition.
The US did not elaborate on the nature of the allegations.
FTX filed for Chapter 11 bankruptcy protection in the United States last month.
Here is the history of FTX since it was founded in 2019:
Maybe: Former Wall Street trader Sam Bankman-Fried and former Googler Gary Wang founded FTX, the owner and operator of the crypto exchange FTX.COM.
July: FTX closes a $900 million funding round, valuing the exchange at $18 billion.
September: FTX signs sponsorship deal with Mercedes Formula 1 team.
October: FTX raised capital at a $25 billion valuation from investors, including Singapore’s Temasek and Tiger Global.
January 27: FTX’s US arm offers an $8 billion valuation after raising $400 million in its first funding round from investors, including SoftBank Group and Temasek.
January 31: FTX raised $400 million from investors, including SoftBank, at a $32 billion valuation.
June 4: FTX signs contract to name the home ground of the Miami Heat basketball team in a deal believed to be worth $135 million.
July 1st: FTX signs an agreement with the option to buy struggling crypto-lending BlockFi for up to $240 million.
July 22: FTX offers a partial bailout to bankrupt crypto lender Voyager Digital. Travel calls it “low ball bid”.
August 19: A US banking regulator has ordered FTX to stop “false and misleading” claims it has made about whether funds at the company are insured by the government.
November 2nd: Crypto news website CoinDesk reports a leaked balance sheet showing that Alameda Research, Bankman-Fried’s crypto trading arm, relies heavily on FTX’s native token, FTT . Reuters news agency was unable to verify the report.
November 6th: Binance CEO Changpeng Zhao said his company plans to liquidate FTT due to unspecified “recent revelations”.
November 7th: “FTX is fine,” Bankman-Fried said. Assets are fine.”
November 8th: Binance says it is planning to acquire FTX.
November 9th: exchanges decided not to pursue the FTX bailout.
November 10: FTX suspends new customer referrals as well as withdrawals until further notice. Bankman-Fried told employees in a memo that he scramble to raise funds and spoke with Justin Sun, founder of crypto token Tron.
November 11th: FTX voluntary initiation of Chapter 11 proceedings in the United States, along with its U.S. unit, cryptocurrency trading firm Alameda Research, and nearly 130 other affiliates. Bankman-Fried resigns as CEO.
November 12: Reuters reports at least $1 billion in customer funds have disappeared from FTX. The exchange said it detected unauthorized transactions. Blockchain analytics firms estimate outflows from $473 million to $659 million in “suspicious circumstances.”
November 13: Bahamas securities regulators launch an investigation into the collapse of FTX, based in the Caribbean nation.
November 15th: Financial regulators in the Bahamas appoint liquidators to run FTX’s unit in the country.
November 16: FTX outlined a “severe liquidity crisis” in its U.S. bankruptcy filing, suggesting it may have more than 1 million creditors.
Court records show that FTX’s Bahamas unit, FTX Digital Markets, is seeking protection from its U.S. creditors under Chapter 15 of the U.S. Bankruptcy Code.
Bankman-Fried was sued in a US court by investors alleging the company’s profitable crypto accounts violated Florida law.
The liquidator for FTX Digital Markets “dismisses the validity” of FTX’s US bankruptcy proceedings.
Major crypto player Genesis Global Capital suspends customer acquisitions in its lending business, citing the sudden failure of FTX.
November 17: The US House of Representatives Financial Services Committee said it plans to hold a hearing in December to investigate the collapse of FTX.
November 30: Bankman-Fried said in an interview at the New York Times Dealbook Summit that “he’s never tried to commit fraud.”
December 12th: Police arrest Bankman-Fried in the Bahamas, with the United States expected to file a request to extradite him. US authorities declined to comment on possible allegations, but the New York Times reported the allegations included wire fraud, wire fraud conspiracy, securities fraud, negative charges securities fraud and money laundering.