NEW: Sam Bankman-Fried charged by US authorities and arrested in The Bahamas.

US Attorney in SDNY has confirmed the charges against Sam Bankman-Fried in comments to the media.

I just checked PACER for the charging document/indictment but didn’t see it, likely meaning that it has not yet been unsealed.

SDNY just said that they will move to unseal the indictment tomorrow AM

Sam Bankman-Fried and Michael Avenatti are still allowed on Twitter. As they should be.

Sam Bankman-Fried’s best shot would have been a Carlos Ghosn-style extraction to Israel.

This testimony from John Ray is FAR more useful than the nonsensical blathering that we would have heard from Sam Bankman-Fried.

https://youtu.be/rWAnrigAO3I

This take couldn’t be any more wrong.

Compare the acumen and intelligence of John Ray to the stooge who runs the FBI, Christopher Wray. And then recall that King & Spalding was paying Christopher Wray $9.2M/year before he became FBI director.

Sam Bankman-Fried's parents both received payment for legal advice from FTX. That means that a special master will need to be appointed to go through their communications and sort out those which are covered by attorney-client privilege.

This entire debate about whether the SEC or the CFTC should regulate crypto is a facade meant to distract and confuse the public, who generally do not understand that:

1. Both the SEC and CFTC already regulate crypto. The SEC handles regulation of securities (which most cryptocurrencies are) and the CFTC handles regulation of currency and related derivatives trading (which would cover any which are not securities). Both agencies have brought a great number of major regulatory actions in crypto cases for more than 5 years. Often, both agencies will bring suits against the same offender, as we saw this morning with FTX.

2. Both SEC and CFTC enjoy essentially identical civil regulatory authorities and both regularly refer matters to DOJ for criminal investigation.

3. SEC and CFTC are both overfunded as is, not underfunded.

Canadian fraudsters fleece American investors constantly and are rarely ever prosecuted.

Do not invest with Canadians. If the investment were really all that great, they would set up shop in the US anyway.

Bahamas prosecutor tells judge that SBF is a flight risk, per Reuters.

When it comes to shooting down incoming cruise and ballistic missiles, the Patriot system has proven ineffective in Saudi Arabia.

The recently unsealed indictment against Sam Bankman-Fried is light on detail. It will almost certainly be followed up with a superseding indictment.

John Ray just indicated that the Bahamians are obstructing the FTX investigation and bankruptcy process.