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Editor's Note

SBF Arrest: Cock-up or Conspiracy?

As you'll read in our news below, Sam Bankman-Fried has been arrested in The Bahamas after the U.S. filed criminal charges.

All of this came hours before FTX's founder was due to testify before Congress and answer questions under oath.

Some on Crypto Twitter have understandably been angered by the timing of this arrest. After all, surely this hearing could also uncover evidence that would help the Feds out?

There have been claims that this arrest was timed to avoid embarrassment during the hearing too, especially considering that SBF was a significant political donor.

This argument doesn't really make sense. If this was true, why would Rep. Maxine Waters be so insistent about getting him to appear before the House Financial Services Committee? In any case, there's little doubt any political scandal would come out during the Feds' investigation.

It's also worth noting that Rep. Waters and other U.S. politicians seemed pretty disappointed by the fact that SBF's testimony has now been canceled because of current events. She warned this will stop the public from getting answers on what went down at FTX.

From the looks of things, it seems like the left hand didn't realize what the right hand was doing.

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Connor and Molly Jane give their immediate reaction to breaking news of Sam Bankman-Fried's arrest in the CoinMarketRecap podcast. You can find us on Apple Podcasts, Spotify and Google Podcasts.

Sam Bankman-Fried arrested in The Bahamas 👀

FTX founder Sam Bankman-Fried has been arrested in The Bahamas. The U.S. has filed criminal charges against the 30-year-old — and reports suggest they include wire fraud, securities fraud and money laundering. SBF is now being held in custody, and The Bahamas is anticipating that an extradition request will be submitted. Meanwhile, the SEC has confirmed that it has authorized charges of its own. SBF remains in custody and spent the night in a jail cell. He is due to appear in a Bahamian court later today, and reports from The New York Times suggest he was cooperative during the arrest. While The Bahamas and the U.S. do have an extradition treaty, it may be weeks before SBF is flown to America — potentially even longer.

SBF's appearance in Congress is canceled ❌

All of this means that Bankman-Fried won't be appearing in front of the House Financial Services Committee later today. Committee Chairwoman Rep. Maxine Waters has said she was "surprised" to hear he has been taken into custody. In a statement late last night, she added: "The American public deserves to hear directly from Mr. Bankman-Fried about the actions that've harmed over one million people, and wiped out the hard-earned life savings of so many. The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity." Nonetheless, she said it was "about time" that the process to bring SBF to justice had begun.

What FTX's new CEO will tell Congress later 🔥

The committee's hearing is still going ahead — and will hear from FTX's new CEO, John Ray III. He will reveal the "unacceptable management practices" during SBF's time running the company. They include executives being able to access systems storing customer assets, private keys storing hundreds of millions of dollars worth of crypto being stored without encryption, and Alameda Research being allowed to borrow funds from FTX "without any effective limits." Ray will also highlight a "spending binge" that saw $5 billion spent on a plethora of businesses and investments — "many of which may be worth only a fraction of what was paid for them." The answers he gives to U.S. politicians later could prove illuminating.