The beautiful Bahamas have become a significant location for the co-founder and former CEO of the bankrupt crypto trading company FTX. He was arrested in the Bahamas, because the US Attorney provided a sealed indictment to the Bahamian government.
The move is a major milestone in the world of cryptocurrencies, as it is an arrest that is the first step by regulators to hold individuals accountable for the multi-billion-dollar implosion of FTX. The arrest was also reported by Bloomberg on its Twitter account.
FTX was found to have acquired $256 million worth of real estate in the Bahamas. FTX executives specifically Sam Bankman-Fried and Ryan Salame spent exactly $256.3 million to purchase and maintain 35 different properties on the island of New Providence in the Bahamas. Bahamian regulators are currently fighting to get these properties back. They are trying to take full control of the Bahamian real estate process.
The arrest of the founder of the cryptocurrency exchange by Bahamian law enforcement authorities are evidence that close cooperation between the Bahamas and the US will continue to develop. The US has had an extradition treaty with the Bahamas since the early 20th century.
