Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Fortune
Fortune
Marco Quiroz-Gutierrez

Former FTX CEO Sam Bankman-Fried was arrested, and the memes can barely keep up

FTX Crypto Sam Bankman-Fried SBF
(Credit: Jeenah Moon—Bloomberg/Getty Images)

Former FTX CEO Sam Bankman-Fried was arrested on Monday, and Crypto Twitter can’t get enough.

The 30-year-old was picked up by the Royal Bahamas Police Force after the local government received a formal notice from the U.S. that it had filed charges against him and likely would seek his extradition.

News of the arrest comes about a month after SBF's crypto exchange declared bankruptcy and he resigned as CEO. For some Twitter users, the arrest couldn’t have come soon enough.

Many celebrated the arrest of SBF, who’s been accused of using customer funds deposited at FTX to fund risky bets at his trading company, Alameda Research.

Rumors had been circulating online since FTX’s implosion last month that somehow SBF would be protected from prosecution because of his numerous political donations to politicians, although that was not the case.

Still, some users lamented that Bankman-Fried had managed to tarnish the entire reputation of crypto while also risking billions of dollars in customer funds.

Some on Crypto Twitter speculated that SBF may have even been arrested during a gaming session—after he reportedly played video games during a pitch meeting with Sequoia Capital. 

After the implosion of FTX, the collapse of Three Arrows Capital, and much of the bad news surrounding crypto this year, some online are speculating that the market finally may be nearing the bottom with SBF’s apprehension. Some are even sarcastically rooting for the dead crypto token Luna Classic to make a comeback after its value plummeted during the TerraUSD debacle earlier this year.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
How to watch Wolfs
George Clooney and Brad Pitt star in Wolfs, but where and when is it playing, and is it available for streaming? We've got the answers.
WhatToWatch
WhatToWatch
Scallops are so simple to make at home
"The luxurious white sauce that defines the recipe complements the sweetness of the scallops to perfection"
Salon
Salon
What I wish I had known before buying an electric blanket - tips from 16 years of experience
After sixteen years of using them, I explain what I wish I knew before buying an electric blanket. There's a lot to consider, from cord length to heating speed
Woman & Home
Woman & Home
Chanel's 27 most iconic fashion shows, as voted by our editors
Featuring a supermarket, beach and forest
Marie Claire
Marie Claire
Can't Leave Without — Cult Homeware Designer Ellen Van Dusen's Joyful Travel Edit Will Want to Make You Book Your Next Trip
The Brooklyn-based color and pattern enthusiast has made the home a happier place with her mesmerizing designs, but traveling will be just as lively and lighthearted if you stick to her packing advice
Livingetc
Livingetc
Are the Broncos staying at a haunted hotel in West Virginia?
"It’s treating us all well for sure," Broncos CB Pat Surtain said of The Greenbrier. "I’m enjoying it.”
USA Today Sports Media Group
USA Today Sports Media Group
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play