Bankman-Fried And Wang Reportedly Detained
FTX co-founder Gary Wang and Sam Bankman-Fried are reportedly being held under supervision by Bahamian authorities (SBF). The nation’s financial crimes unit is also looking into the two.
Since SBF’s collapse last week, Bahamas law enforcement has been looking into the exchange that will soon go bankrupt. According to a formal notice, they are “working closely with the Bahamas Securities Commission (SCB) to investigate if any criminal misconduct occurred.”
Asset withdrawals from FTX by customers were stopped at the beginning of the week. The SCB insisted, though, that accounts registered in the Bahamas will continue to have access to their funds.
SBF and Wang were captured before they could fly to Dubai
Now that SBF and Wang were captured before they could fly to Dubai, it appears that things have taken a further turn for the worse.
When Protos contacted Anthony McCartney, assistant superintendent with the Bahamian Financial Crimes Unit, he was informed that no information could be provided because investigations were still underway.
SBF periodically makes reference to the fact that in 2019, he and Gary Wang launched FTX. In addition to serving as the company’s CTO, Wang advises Sequoia Capital, an investment firm that has made investments in a number of digital firms, including DoorDash, Zoom, Apple, and AirBnB.
According to his Forbes profile, he attended MIT, worked at Google, and owned a 16% stake in FTX. Unfortunately, there isn’t much more information online about him, however some people have theorized that he might have a GitHub.
The beginnings and rapid ascent of SBF may also be explained by Wang and his relationship with Sequoia. He has frequently asserted that he profited from bitcoin arbitrage in 2017 by purchasing it in the US and selling it in Japan.
However, as Marc Cohodes recently remarked, this would have needed a sizable sum of money to pull off successfully. SBF claimed to have made about $1 million every day over a period of about five weeks, however in order for this to have been conceivable, he would have required to purchase bitcoin at about $18,000 and sell it at about $19,000 with a minimum $18 million initial capital investment.
Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.
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