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Sam Bankman-Fried, the founder of FTX, detained in the Bahamas.

Sam Bankman-Fried, the founder of FTX, detained in the Bahamas.

The Bahamas police have detained Sam Bankman-Fried, the creator of the defunct cryptocurrency exchange FTX, according to the country’s attorney general.

According to authorities in the Caribbean island, he will appear in a magistrates court in The Bahamas on Tuesday.

According to police, Mr. Bankman-Fried was arrested for “Financial Offenses” violating US and Bahamas laws.

FTX declared bankruptcy in the United States last month, rendering many users unable to withdraw their cash.

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It is unclear how much money customers who have funds in the exchange would receive at the end of the bankruptcy process, however, numerous experts have cautioned that it may be only a portion of what they placed.

The FTX exchange allowed customers to exchange regular currency for cryptocurrencies such as Bitcoin. Mr. Bankman-Fried will be held in custody “in accordance with our nation’s Extradition Act,” the Bahamas Attorney General said in a statement.

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