As the US Department of Justice officially filed criminal charges against the former CEO and founder of the now bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried (SBF) was finally arrested Monday in the Bahamas.

SBF is currently facing possible extradition to the United States after being charged with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.

The US Securities and Exchange Commission (SEC) has also filed separate charges against SBF for alleged violations of securities laws, the commission announced Tuesday morning.

Gurbir Grewal: We commend our law enforcement partners for securing the arrest of Sam Bankman Fried on federal criminal charges. The SEC has authorized separate charges related to his violations of securities laws, to be filed publicly tomorrow in SDNY. https://t.co/ON0LgY4mf4

– US Securities and Exchange Commission (SECGov) December 13, 2022

Republican Senator Cynthia Loomis responded to the news by saying, “What happened at FTX appears to be old-fashioned fraud, and I’m pleased that prosecutors are investigating what happened to ensure that everyone who committed crimes is held accountable for what they did.”

Lummis, also known as “bitcoin Senator,” he co-sponsored the bipartisan Responsible Financial Innovation Act earlier this year with Kirsten Gillibrand (D-NY), stating that it “will prevent future crashes like FTX.” “

People have lost their hard earned money, and they deserve justice for any wrongdoing. I hope my colleagues will share my desire to pass the Lummis-Gillibrand Responsible Financial Innovation Act. This comprehensive legislation will prevent future crashes like FTX.

Senator Cynthia Lummis (SenLummis) December 13, 2022

Several Twitter users joined the conversation, including Lummis, with some questioning the timing of the arrest given that the SBF was scheduled to testify before the US House Committee on Financial Services.

“The question you should be asking is: What exactly did the SBF know to require his detention the night before he was sworn in before the Senate? What information should be kept from the public and our senior elected officials? Consider it.”

Vaneck strategy advisor Gabor Gurbacs tweeted.

That’s the question you should be asking: What exactly did the SBF know that he needed to be arrested the night before he was to testify before the Senate under oath? What information is needed to protect it from our senior elected leaders and the public? think about it.

– Gabor Gurbacs (gaborgurbacs) December 13, 2022

Dave Portnoy, founder of Barstool Sports, made a similarly troubling note when he said he would be “suspicious as a f***” if an SBF arrest meant he was exempt from testifying.

wait no @tweet An arrest means he suddenly doesn’t have to testify tomorrow? Because if this is true then this is shady as damn

– Dave Portnoy (@stoolpresidente) December 13, 2022

Meanwhile, Cardano founder Charles Hoskinson said it might be a good idea for the SBF to comment that it’s not suicidal and also healthy given all the connections and donations. and that “the trial will raise many stones.”

Given all the connections and donations, it might be a good idea for the SBF to comment that he is not suicidal and is in good health. The trial will raise many stones… https://t.co/ZHAfjDhYfW

– Charles Hoskinson (@IOHK_Charles) December 13, 2022

Other Crypto Components Many on Twitter have expressed their feelings publicly, appearing to be content with the idea that the dethroned crypto mogul will eventually be brought to justice, and take aim at the SBF personally.

crypto twitter after hearing of SBF’s arrestpic.twitter.com/OSOIiks2r5

– yzy.eth (LilMoonLambo) December 12, 2022

The SBF PR tour is over, which is good news, Jameson Loeb, Kazaa’s chief technology officer, writes.

Good news: SBF’s PR tour has concluded.

– Jameson Lopp (@lopp) December 12, 2022

Advertisement

Hilarious tweets dispelled the recent dark mood in cryptocurrencies

Some joked about SBF’s arrest using catchy cipher language, saying that even though he was “just denied the option to self-book,” he would still be able to “post bail with an FTX token.”

SBF has just been denied the option to self-book… pic.twitter.com/IurScq6enq

– WallStreetSilv (@WallStreetSilv) December 13, 2022

Another user added, “The university heard it was ‘cuff season’ and thought they meant something completely different.”

The polycol heard it was “handcuff season” and thought it meant something else entirely

– Chairman Berb Bernanke (✖️, ✖️) (Bonecondor) December 13, 2022

popular account Wall Street Silver It depicts what a fallen crypto billionaire must go through, so there’s still room for what appeared to be some SBF sympathy.

It is likely that SBF is currently in severe trauma. SBF has spent years living in luxury. He executes multi-million dollar deals while playing League of Legends. Anything, including food and sexual activity. Prison today and possibly decades to come. He realizes his future while spending the first night in a dungeon. destructive.”

SBF is probably in for a bit of a shock right now.

SBF lived in luxury for years. Playing League of Legends while making multi-million dollar deals. Food, sex… anything.

Now jailed and imprisoned for probably decades.

Being in the cell the first night… realizing that this is his future. destructive. pic.twitter.com/srHUi3UTj9

– WallStreetSilv (@WallStreetSilv) December 13, 2022

Related

Dash 2 trading – high probability pre-sale

Advertisement

• Active pre-sale is live now – dash2trade.com
• Featured in Cointelegraph – $10 Million Raised
• Know Your Customer verified and reviewed
• The original code for the crypto signals ecosystem