Sam Bankman-Fried arrested in collapse of the £27billion cryptocurrency empire he ran with ex-girlfriend Caroline Ellison

SAM Bankman-Fried has been arrested in the Bahamas over the collapse of his £27 billion cryptocurrency empire.

The 30-year-old, who ran his business with ex-girlfriend Caroline Ellison, is now facing extradition to the US over the collapse of the FTX exchange.

Sam Bankman-Fried arrested over FTX collapse

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Sam Bankman-Fried arrested over FTX collapsePhoto credit: Reuters
Caroline Ellison was reportedly part of the

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Caroline Ellison was reportedly part of the “polyamorous” group running the company
Bankman-Friend imagined him sleeping on a beanbag in the office

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Bankman-Friend imagined him sleeping on a beanbag in the officePhoto credit: Twitter

The arrest marks a stunning fall from grace for the entrepreneur, widely known by his initials SBF.
He boomed in Bitcoin and other digital assets to become a billionaire many times before the rapid demise of FTX.

Bankman-Fried’s unconventional style – which saw him sleeping on a beanbag in the office – and his commitment to progressive causes have seen him associate with the likes of Tony Blair and Bill Clinton.

FTX has also secured the support of high-profile celebrities, including Tom Brady and his ex-wife Gisele Bundchen, both of whom have invested in it, and comedian Larry David.

It recently emerged that “the entire operation was run by a gang of children in the Bahamas” who are or have been in romantic relationships, reports CoinDesk.

“They will do anything for each other,” said one person familiar with how the company works.

The term “polycule” was used to describe the unusual facility.

“Sam Bankman-Fried walked into a polycul that may have destroyed the crypto market,” tech exec Ed Zitron tweeted.

The cabal all lived in a £32million penthouse in the Caribbean tax haven and they included Ellison, the 28-year-old CEO of FTX’s trading subsidiary Alameda.

The Harry Potter-obsessed Stanford mathematician sparked controversy after revealing on Twitter in April that she was using amphetamines.

“Nothing beats regular use of amphetamines to make you realize how stupid many normal, non-drug human experiences are,” she wrote.

FTX is said to have secretly transferred up to £8.3 billion in customer funds to Alameda to fund risky cryptocurrency deals ahead of its collapse.

Described as the “ultimate waterfront living”, the five-bedroom property is part of the 600-acre high-end Albany resort.

It is now for sale and, according to the prospectus, houses “a sumptuous master bedroom suite with his and hers bathrooms and walk-in closets, and a private balcony with lounge area and spa”.

The area featured in the scene in the James Bond film Casino Royale when Daniel Craig emerged from the ocean.

It was bought with the £62million his company has spent on property this year.

Bankman-Fried posted pictures of the giant beanbag he would sleep on next to his desk

https://www.the-sun.com/news/6902590/sam-bankman-fried-arrested-cryptocurrency-caroline-ellison/ Sam Bankman-Fried arrested in collapse of the £27billion cryptocurrency empire he ran with ex-girlfriend Caroline Ellison

DevanCole

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