Sam Bankman Fried, the founder of the crypto exchange FTX, was supposed to testify on

Capitol Hill today.

He planned to open his testimony with these words.

I F'd up.

But then last night…

One time darling of the crypto world has been arrested.

Sam Bankman Fried, SBF, founder of the collapse crypto venture FTX has been arrested in the

Bahamas.

It's just one month after the company filed for chapter 11 after once being valued at

$32 billion.

The once crowned king of crypto now adorned in handcuffs.

U.S. prosecutors charged Bankman Fried with eight counts of fraud and conspiracy.

He's also being sued by two federal regulators.

His lawyer said he is reviewing the charges and considering all of his legal options.

It's a dramatic turn for someone who'd appointed himself the savior of crypto.

I would say that these charges are the final nail in the coffin of Sam Bankman Fried's

reputation.

That's our colleague Alexander Asipovic.

Just a few months ago he was still widely seen as a good guy in crypto.

Somebody who was a good actor in the industry supported better regulations, had a better

run business than many other firms.

Obviously that image was shattered when FTX shut down and it was revealed that was missing

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