Sam Bankman-Fried, the disgraced FTX figurehead, was able to get in trouble in the tax haven of the Bahamas because there are few things that rich people can do to get in trouble.
According to multiple reports, the FTX founder has been questioned by police and regulators regarding the crash of his exchange.
According to a source familiar with the matter, Bankman-Fried was taken into custody and questioned on Saturday, shortly after it was revealed that hundreds of millions of dollars in unauthorized token withdrawals were drained from FTX's global exchanges.
The Royal Bahamas Police Force confirmed that a team of financial investigators from the Financial Crimes Investigation Branch are working with the Bahamas Securities Commission to investigate if there was criminal wrongdoing.
SBF's detainment doesn't mean that he will be charged with anything. The fact that the Bahamian forces have taken any steps to mitigate the damage done by FTX is a pretty good sign. Along with its global reputation as a tax haven, the island nation has a long history of being a top money-laundering locale. The Bahamas are the place to be if you want to get into sketchiness.
There have been a lot of rumors about the fallen figure's intentions to flee. According to a source, SBF and two other top people did not go to Argentina.
The fact that SBF was questioned by the Bahamians has been confirmed, but he wouldn't be the first one to skip town. Terra Luna creator Do Kwon is not on the lam, but he is still missing. He might have missed the bus.
The police are investigating potential criminal conduct.
Sam Bankman- Fried steps down as CEO of FTX.
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