One of Joe Biden’s largest donors is in a world of trouble.
After losing over 90% of his wealth in a single day, he could soon lose his freedom too.
And now, this top Democrat donor was just arrested in the Bahamas and is facing extradition to America.
In the wake of the collapse of the cryptocurrency exchange FTX, the site’s founder and CEO is being slammed with even more damning evidence showing that he may have been implicated in multiple federal crimes.
And now, Sam Bankman-Fried was just arrested in the Bahamas.
CNBC reports, “FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.”
Earlier in December, Bankman-Fried said that he would be willing to testify to the House Financial Services Committee, only to promptly backtrack on that pledge right before being arrested.
The reason why Bankman-Fried wanted to refuse to speak before Congress in person is simple, he believed that there was a significant chance he would be arrested if he entered the United States.
“I don’t see SBF stepping on U.S. soil anytime soon,” said Braden Perry, a former senior trial attorney for the U.S. Commodity Futures Trading Commission.
As it turns out, Bankman-Fried was instead arrested in the Bahamas, where he had been hiding out ever since his crypto exchange FTX suffered a catastrophic collapse in early November, which saw well over 90% of Bankman-Fried’s own net worth evaporate in the span of less than a single week.
But FTX wasn’t the only party which lost money in the process.
Hundreds of thousands of people lost millions of dollars in the collapse of FTX, and now it appears that Bankman-Fried and his team may have broken numerous federal laws in the lead up to the crypto bank run which left FTX in shambles.
CNBC adds, “Bahamas Attorney General Ryan Pinder said that the United States was ‘likely to request his extradition.’ The Royal Bahamas police force confirmed his arrest and said he would appear in magistrate court in Nassau on Tuesday.”
Announcing the arrest, Bahamian Prime Minister Philip Davis released the following statement, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”
The fall of Bankman-Fried comes after he spent roughly $40 million helping Democrats in the 2022 midterms, including many Democrats in Congress who are now being tasked with investigating the collapse of FTX.
But that wasn’t all.
Bankman-Fried was also the single largest donor to Joe Biden in the 2020 election cycle, giving him more money than anyone else in the world aside from George Soros.
And now that his own wealth is gone and he has been arrested, Bankman-Fried could soon be forced to rely on the favors he purchased in Congress to see him through the legal storm to come.