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Reports Sam Bankman-Fried and other FTX staff arrested in The Bahamas

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Sam Bankman-Fried and FTX

Several reports are circulating that Sam Bankman-Fried and other FTX staff have been arrested in The Bahamas

Stories are breaking about Sam Bankman-Fried and FTX having corrupt ties to the Democratic Party.

It looks like the next phase of the FTX saga is about to play out, Sam Bankman-Fried has been detained and the CEO of Alameda is on the run possibly heading to Dubai.

The dramatic scenes have followed on from FTX filing for Bankruptcy in the USA and over $600m vanishing from FTX in the last 24 hours.

The Securities Commission of the Bahamas said on Thursday it had frozen the assets of FTX Digital Markets and related parties, as well appointing a liquidator for the unit.

“The powers of the directors of FDM have been suspended and no assets of FDM, client assets or trust assets held by FDM, can be transferred, assigned or otherwise dealt with, without the written approval of the provisional liquidator,” the commission said.

The Bahamas-based FTX and about 130 affiliated companies commenced Chapter 11 bankruptcy proceedings on Friday in Delaware. The firm also announced that Democratic Party donor Sam Bankman-Fried had resigned as CEO.

According to an estimate by blockchain research firm Nansen, $662 million flowed out of FTX’s US and international exchanges. The firm’s main wallet, which was used to process withdrawals, was drained of its entire balance of 45.8 million FTT tokens, worth an estimated $97.2 million, Nansen said. A separate review by another analytics firm, Elliptic Connect, pegged the thefts at $473 million. The FTX community administrator on Telegram said the exchange had been hacked. FTX applications are infected with malware, according to the administrator, which also warned followers against loading the exchange’s website.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.