FTX Founder Sam Bankman-Fried Is Now Under Arrest

It’s been just revealed that the disgraced founder of FTX has finally been under arrest. Check out the latest reports below.

He has been arrested by authorities in the Bahamas on behalf of the US.

The move is the first signal that the founder of crypto exchange FTX will face criminal charges for the staggering disappearance of at least $1 billion in customer funds.

United States Attorney for the Southern District of New York, Damian Williams, made the announcement on Twitter. Check it out below.

USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.

— US Attorney SDNY (@SDNYnews) December 12, 2022

It’s been just revealed that ARK Invest founder and CEO Cathie Wood is predicting that the high-profile implosion of FTX will be a boon for one crypto sector.

Wood said in a recent interview that the collapse of FTX and other crypto firms would boost decentralized finance (DeFi) networks.

“We do believe DeFi will actually get a boost coming out of this because it’s so obvious now – decentralized and transparent is the way to go.”

She continued and said this:

“Those networks didn’t skip a beat. All of their transactions were completed, and there are all kinds of metrics saying they’re getting stronger now.”

She also believes that decentralized networks will become increasingly important in the financial services industry after the bankruptcies of FTX, crypto lender Celsius and digital asset hedge fund Three Arrows Capital (3AC).

“I think what we’re learning because of FTX is how much more important fully transparent decentralized networks will be to financial services going forward.”