Sam Bankman-Fried, who is the founder and former boss of the collapsed cryptocurrency exchange FTX, has been arrested in The Bahamas on behalf of the US government. The arrest came just a day before the 30-year-old had been set to testify voluntarily before Congress about the failure of his crypto exchange. Mr Bankman-Fried’s cryptocurrency trading firm collapsed almost overnight on 16 November amid accusations of fraud and mismanagement, leading to billions of dollars in losses for investors. Users withdrew around $5bn worth of crypto assets in a single day and the 30-year-old’s $16bn fortune plummeted by an estimated 94 per cent in one day. FTX was founded in 2019 by Mr Bankman-Fried, a former Wall Street trader and ex-Google employee Gary Wang.