FTX’s founder SBF arrested – possible extradition soon

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Sam Bankman-Fried – SBF, was arrested following “formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition,” police say. The US Attorney’s Office for the Southern District of New York confirmed the arrest via Twitter. “We expect to move to unseal the accusation in the morning and will have more to say at that time.” Bahamas Police confirmed in a statement that the law enforcement arrested Bankman-Fried, without incident, at 6 p.m.  The Bahamas has an extradition treaty with the United States. FTX went bust after allegedly mixing funds from the exchange with its trading house, Alameda Research. 

The company’s new CEO, John J. Ray III, says the collapse was caused by “a very small group of grossly inexperienced and unsophisticated individuals”. Ray plans to deliver testimony to the House Financial Services Committee tomorrow morning. The head of the House Financial Services Committee in the United States, Maxine Waters, expressed surprise at his arrest and disappointment that he would not be present at the hearing. Waters stated that although Mr. Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr. Bankman-Fried about the activities that have injured over one million people and destroyed the hard-earned life savings of so many. Despite being under criminal investigation, Bankman-Fried has given numerous media interviews since the collapse of his empire and consented to take part in the hearing on December 9.

Crypto market update

According to Nansen statistics, the non-fungible token (NFT) market in Polygon reached new all-time highs in the year’s final month. The increase occurs despite a weekly decline in users for NFT ecosystems on other chains like Solana.. For comparison, the NFT market for Ethereum has one collection with more than 500,000 holdings and four collections with over 100,000 holders in the previous 24 hours. CEO of Polygon Studios Ryan Wyatt: “We’ve created this fantastic funnel for partners to enter and make the onboarding to Polygon incredibly seamless.” Over 240,000 users used the blockchain between December 5 and December 12, setting a record for the most users per week. Polygon NFTs have had 338 million MATIC, worth $305 million, in transactions so far this year in trading volume across 2.27 million unique wallets.

According to the Dune dashboard, Reddit’s Collectible Avatars NFT program reached 5 million users. More than 5 million collectibles have been produced so far through the Polygon-based project. On December 3, a new daily record for the Polygon NFTs was reached with more than 250,000 being produced. Of those wallets, 3.95 million are home to a single Reddit NFT. Popular online forum Reddit has revealed plans to introduce NFT avatars in July, partnering with Ethereum sidechain network Polygon to provide both free and premium avatar options.

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