How the crypto exchange’s collapse and former CEO Sam Bankman-Fried’s arrest is playing out in the Bahamas.
(Bloomberg) — Sam Bankman-Fried might not have expected that his time in the Bahamas would include days spent inside of a jail cell. The former FTX chief executive and his inner circle at the crypto exchange and related firm Alameda Research relocated operations to the Bahamas from Hong Kong in late 2021.
The Nassau-based employees and executives seemed to enjoy a lavish island lifestyle — think yachts and penthouses with ocean views. How much of that lifestyle was funded improperly is at the center of allegations and charges filed by authorities including the US Department of Justice, the Securities and Exchange Commission and the CFTC. The DOJ alleges, among other things, that SBF misappropriated customer deposits. And there’s a brewing fight between officials in the US and local regulators in the Bahamas over just who is in charge of what.
Bloomberg reporters Zeke Faux and Carly Wanna join this episode.
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