FTX's Sam Bankman-Fried: What to know about his arrest and the charges he faces
CBSN
In a moment of self-reflection after the collapse of his cryptocurrency exchange FTX Trading, Sam Bankman-Fried tweeted on December 9 that he considered himself a "model CEO" who nevertheless "made a lot of big mistakes this year."
Regulators now allege that the former FTX CEO is a far from a well-meaning corporate leader, instead claiming that he "willfully and knowingly" defrauded investors. Bankman-Fried was arrested on Monday in the Bahamas on federal charges filed in the U.S., which include multiple counts of wire fraud and conspiracy related to the collapse of FTX.
The rise and stunning fall of Bankman-Fried combines the get-quick-rich allure of cryptocurrencies with the breathless hype that formerly surrounded the 30-year old MIT graduate, whom Fortune magazine once called possibly the "next Warren Buffett." And in wake of FTX's bankruptcy, the entrepreneur has left investors reeling and FTX owing its creditors at least $3 billion.
