Sam Bankman-Fried Arrested: Twitter Comes Alive With Memes, Controversies, and More!  – Coinpedia Fintech News

Sam Bankman-Fried, also known as ‘public enemy number one, was ultimately taken into custody by Bahamian law enforcement authorities after many weeks of suspense.

Undoubtedly, this new turn of events has left each and every one of us feeling quite content. In addition, the government of the United States has accused him of a multitude of charges of engaging in unlawful operations. From the laundering of money to the fraudulent trading of stocks and the conspiracy to conduct wire fraud.

In addition to this, the United States Securities and Exchange Commission, often known as the SEC, is contemplating pursuing legal action against SBF. Gurbir Grewal, an employee with the SEC, indicated that additional charges related to his infractions were being drafted at the moment. According to reports, formal charges will be presented in public tomorrow.

According to a news statement issued by the Bahamas, the country plans to expeditiously execute an official request for extradition in accordance with Bahamian law and its treaty responsibilities with the United States. This will take place as soon as the request is submitted.

Some People Seem to be in Favor of the Arrest

According to those knowledgeable in the law, the former CEO of FTX might potentially be sentenced to life in jail without the opportunity for parole supervision. Because the authorities in the past have handed down unusually harsh penalties on several occasions, it is not at all surprising that they would impose a hefty penalty on the convicted person.

The vast majority of those involved in the cryptocurrency industry support the arrest and hope that SBF will spend the remainder of his life behind bars. On Twitter, United States Senator Cynthia Lummis expressed her joy at the fact that prosecutors have been examining what transpired to guarantee that everyone who committed crimes would be held responsible for what they did.

Some People Are Not

Some people in the space though do not seem to be very supportive of the arrest. The discredited SBF was detained by the DOJ the day before a congressional hearing, according to Texas congressman Lance Gooden, who claims that this was done because it was going to be embarrassing for the democratic candidates that he had financed.

Abe Hamadeh, a nominee for the Republican Party in Arizona, brought up the fact that the SBF was due to appear before the House Financial Services Committee in Washington today. 

Instead, he was taken into custody by the United States District Court for the Southern District of New York in the Bahamas. Hamadeh continued by saying that, speaking from his experience as a former prosecutor, this does not make much sense.

Lee Zeldin, who serves as the representative for New York’s 1st Congressional District and is also a member of the House Financial Services Committee and the House Foreign Affairs Committee, has made the same argument as well.

“Why not allow him to testify tomorrow and answer our many questions?” he said.

Crypto Twitter has expressed its satisfaction with the arrest. Some people are generating memes about it, while others are creating polls that give respondents the option of saying “yes” or “no” to the question of whether or not SBF should be sent to prison.

Conclusion

After having a brief period of bullish action two days ago, the value of FTX’s token, FTT, has significantly decreased as the FTX-SBF controversy continues. At the time of this writing, one token is worth $1.38, which represents a decrease of 8.1% over the course of the previous 24 hours and 1% over the course of the previous seven days. 

For my part, I believe that SBF has earned the right to spend the remainder of his life locked up behind bars. Justice should be served!

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