(13 Dec 2022)
RESTRICTION SUMMARY:
POOL
ARCHIVE: Washington, DC - Exact date not available
++EDITED/ INCLUDES SHOT CHANGES FROM SOURCE++
1. SOUNDBITE (English) Sam Bankman-Fried, Former FTX CEO:
"FTX is a global cryptocurrency exchange. We are the second or third largest exchange globally, depending on what metrics you use, processing about $15 billion per day of trading volume on the platform. I, about a year and a half ago we stood up FTX US, our United States-based and servicing operations. (++CUT+)
Most market participants in the digital asset ecosystem, have advanced surveillance techniques to prevent financial crimes for all digital assets, including stablecoins, conducting know your customer policies and blockchain surveillance on all users and deposits and withdrawals through our platform. And all legitimate stablecoin issuers, in addition to that conduct sophisticated know your customer policies on all issuers, all issuances and redemptions of those stablecoins. If you compare that to, for instance, physical cash, where no transactions effectively have know your customer or anti-money laundering or anti-financial crimes surveillance on them, already I think that the digital asset industry has set a pretty strong standard on that front. (++CUT++)
One of the really innovative properties of cryptocurrency markets are 24 seven risk monitoring IT engines. We do not have overnight risk or weekend risk or holiday risk in the same way traditional assets do, which allow risk monitoring and de-risking of positions in real time to help mitigate volatility. We've been operating for a number of years with billions of dollars of open interest. We have never had customer losses, clawbacks or anything like that."
++ENDS ON SOUNDBITE++
STORYLINE:
The former CEO of failed cryptocurrency firm FTX, Sam Bankman-Fried, has been arrested in the Bahamas at the request of the U.S. government, U.S. and Bahamian authorities said Monday.
The arrest was made Monday after the U.S. filed criminal charges that are expected to be unsealed Tuesday, according to U.S. Attorney Damian Williams.
Bankman-Fried had been under criminal investigation by U.S. and Bahamian authorities following the collapse last month of FTX.
The firm filed for bankruptcy on Nov. 11, when it ran out of money after the cryptocurrency equivalent of a bank run.
Bahamian Attorney General Ryan Pinder said the Bahamas would “promptly” extradite Bankman-Fried to the U.S. once the indictment is unsealed and U.S. authorities make a formal request.
FTX is headquartered in the Bahamas and Bankman-Fried has largely remained in his Bahamian luxury compound in Nassau since the company's failure.
A spokesman for Bankman-Fried had no comment Monday evening. Bankman-Fried has a right to contest his extradition, which could delay but not likely stop his transfer to the U.S.
Bankman-Fried’s arrest comes just a day before he was due to testify in front of the House Financial Services Committee.
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