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FTX’s implosion and SBF’s arrest, explained

Posted on AllSides December 14th, 2022
From The Left
Banking and Finance, Cryptocurrency, FTX, Sam Bankman-Fried
Dion Lee/Vox, Getty Images

Sam Bankman-Fried, one of the crypto industry’s biggest stars, has had a rough end to 2022. His crypto exchange FTX — which was once valued at $32 billion — declared bankruptcy in November, leaving his customers unable to withdraw their money and his investors out of luck. Now he’s been arrested in the Bahamas following the filing of criminal charges in the US, where he remains in jail after being denied bail and awaits an extradition hearing on February 8, 2023. The charges include wire fraud, securities fraud, money laundering, and campaign finance laws violations. The Securities and Exchange...

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