FTX, PayPal, and Trump aim to get back on track amidst this climate. CryptoWatch's latest roundup of last week's top news centers on the significant controversy of FTX with the arrest of Sam Bankman-Fried by Bahamian authorities, PayPal's latest cryptocurrency transactions with MetaMask, and Donald Trump's NFT collection.
his co-conspirators stole billions of dollars from ftx customers. he used that money for his personal benefit. reporter: bankman-fried arrested in the bahamas last night facing eight criminal charges in the u.s. authorities alleging he defrauded investors by funneling customers money into his own hedge fund behind their backs. as a result they say $8 billion have gone missing. this committee will not stop until we uncover the full truth behind the collapse of ftx. reporter: in washington today a congressional hearing on ftx s collapse following what amounted to a run on the bank last month. bankman-fried who was expected to testify was instead making his first court appearance in the bahamas. there was no corporate controls, no corporate oversight. reporter: ftx s new ceo, john ray, led energy giant enron through bankruptcy after its collapse. today appearing before congress, he ripped into bankman-fried s management. this is just taking money from customers and using it f
coast. 2:31 out west. i m jonathan lemire. thanks for being with us. now to the story of a stunning fall from grace. sam bankman-fried, the onetime darling of the crypto sector is under arrest and facing criminal charges accused of a brazen multi-year scheme. cnbc s kate rooney has the details. he was once hailed as the king of crypto. sam bankman-fried, founder and former ceo of crypto ex exchange ftx is facing criminal indictments and a wave of civil complaints. bankman-fried and his co-conspirators stole billions of dollars from ftx customers. he used that money for his personal benefit. reporter: bankman-fried arrested in the bahamas faces eight criminal charges in the u.s. authorities alleging he defrauded investors by funneling money into the hedge fund behind their backs. as a result, they say $8 billion have gone missing. this committee will not stop
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was arrested in the Bahamas on Monday after U.S. prosecutors filed criminal charges, according to a statement by the government of the Bahamas, as reported by multiple sources.