Bahamas Police Are Now Investigating Sam Bankman-Fried

Every time it appears that the FTX case is over – a piece of new information emerges about the ongoing scandal. Now, the collapse of the FTX cryptocurrency exchange is under investigation by Bahamas authorities.

Local officers are looking into whether any criminal conduct occurred, regarding the company and its CEO, Sam Bankman-Fried.

The Royal Bahamas Police Force acknowledged the investigation against FTX. In a formal statement, the authorities explained that a team of financial investigators will work closely with other law-enforcement departments in the Bahamas in order to discover any potential wrongdoing.

It is unclear which element of FTX’s rapid downfall officials are looking into.

Following SBF’s resignation, the newly appointed president and CEO of FTX, John J. Ray III, stated on Saturday that the company is working with authorities and regulators to mitigate the problem and is making “all efforts to protect all activities, wherever they may be.”

SBF Questioned By Authorities in The Bahamas

In less than 10 days, Sam Bankman-Fried went from one of the most influential and popular cryptocurrency figures to becoming the face of one of the biggest downfalls ever seen in the sector.

The creator of the cryptocurrency exchange FTX, and former-billionaire Sam Bankman-Fried (SBF), went through an interrogation with the police and financial regulatory authorities in the Bahamas on Saturday.

The interrogation took place just one day after FTX filed for bankruptcy. The content of the interrogation was not made public, and SBF refused to explain the occurrence, as reported by Bloomberg.

The FTX headquarters are officially located in the Bahamas, a Caribbean country commonly referred to as a “tax haven”.

It’s important to point out that a police interrogation does not always imply that the person being interrogated is guilty of a crime. Most of the time, interrogations are only a measure so those involved can contribute to the investigations.

FTX Claims Victim of a $473 Million Hack

The catastrophic series of events continue to surrounder Bankdman-Fried’s company.

Shortly after the exchange filed for bankruptcy, FTX reported that it suffered a hacking attack that potentially robbed over $470 million from the company’s cryptocurrency funds.

FTX general counsel Ryne Miller claimed in a tweet early Saturday that the firm took precautionary measures, and put all of its digital assets to cold storage, which means the crypto wallet is no longer linked to the internet.

According to the firm, FTX is still investigating the event.

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