FTX founder Sam Bankman-Fried (SBF) was arrested today by Bahamian authorities. According to reports, SBF is charged with wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
Crypto Twitter is blowing up at the news of SBF’s arrest, with many claiming that the 30-year-old could face life imprisonment.
Member of House Financial Services & Foreign Affairs Committees, Lee Zeldin, questioned the move, asking why SBF was not allowed to testify first and answer their questions.
Moreover, the Republican Nominee for Arizona Attorney General, Abe Hamadeh, shares a similar sentiment. Hamadeh, a former prosecutor, said that “this doesn’t make much sense.” Moreover, he said that “you want him to talk.”
Some believe that the FTX founder is being protected because of the big political donations he made earlier this year.
Meanwhile, Senator Cynthia Lummis, who is very involved in the push for regulations in the crypto space, said that “what happened at FTX appears to be good old-fashioned fraud.”
Additionally, New York Democratic Representative Alexandria Ocasio-Cortez, said that she is disappointed in not having the opportunity to question SBF but looks forward to “justice being served.”
Furthermore, the Libertarian Party said that SBF “didn’t kill himself.” This is likely regarding how some high-profile prisoners hurt themself while in custody.
However, the Libertarian Party was not the only one worried about the FTX founder being hurt in prison. Another Twitter user, Carol Ruth, questioned whether the cameras in SBF’s cell would work.
FTX memes start flooding in
On the one hand, we have the voices of prominent people speaking on the matter, and on the other, we have memes. Memes regarding SBF’s arrest have begun flooding the internet. Although the situation is consequential, the internet has its way of turning things around. Therefore the memes were expected.
However, the situation has given many a sigh of relief. Moreover, it has brought back a sense of belief in the justice system for those who were wronged.
Additionally, FTX’s native token, FTT began to tank on news of SBF’s arrest. At press time, FTT was trading at $1.40, down by 6.4% in the last 24 hours.