NEW YORK: The former CEO of failed cryptocurrency firm FTX, Sam Bankman-Fried, has been arrested in the Bahamas at the request of the US government, US and Bahamian authorities said Monday.
The arrest was made Monday after the US filed criminal charges that are expected to be unsealed Tuesday, according to US Attorney Damian Williams. Bankman-Fried had been under criminal investigation by US 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.
“We expect to move to unseal the indictment in the morning and will have more to say at that time,” Williams said.
Bahamian Attorney General Ryan Pinder said the Bahamas would “promptly” extradite Bankman-Fried to the US once the indictment is unsealed and US 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 US
Bankman-Fried’s arrest comes just a day before he was due to testify in front of the House Financial Services Committee. Rep. Maxine Waters, D-Calif., chairwoman of the committee, said she was “disappointed” that the American public, and FTX’s customers, would not get to see Bankman-Fried testify under oath.
Bankman-Fried was one of the world’s wealthiest people on paper, with an estimated net worth of $32 billion. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns. FTX grew to become the second-largest cryptocurrency exchange in the world.
That all unraveled quickly last month, when reports called into question the strength of FTX’s balance sheet. Customers moved to withdraw billions of dollars, but FTX could not meet all the requests because it apparently used its customers deposits to cover bad bets at Bankman-Fried’s investment arm, Alameda Research.
Bankman-Fried said recently that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole.
The House Financial Services Committee will still hear testimony Tuesday from current CEO, John Ray III. Ray, who took over FTX on Nov. 11 and is a long-time restructuring specialist, has said in court filings that the financial conditions at FTX were worse than at Enron.
Bahamian authorities plan to continue their own investigation into Bankman-Fried.
“The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” said Bahamian Prime Minister Philip Davis, in a statement.
Former FTX CEO Sam Bankman-Fried arrested in the Bahamas
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Former FTX CEO Sam Bankman-Fried arrested in the Bahamas
Saudi Authority for Intellectual Property: Patent applications filed by individuals, national institutions surge in 2025
RIYADH: Saudi Arabia recorded a significant increase in the number of patent applications filed by individuals and national institutions during 2025, reflecting a growing awareness among innovators and national entities of the importance of protecting innovations and maximizing the value of intangible assets.
The Saudi Authority for Intellectual Property explained that patent applications filed by individuals witnessed substantial growth, rising from 2,007 submissions in 2024 to 3,942 in 2025, representing a growth rate of 96 percent. This indicates a broadening base of innovators and entrepreneurs, and a rising awareness of the importance of registering intellectual property rights, according to the Saudi Press Agency.
The authority also indicated that the number of patent applications filed by national institutions increased from 408 in 2024 to 734 in 2025, representing an 80 percent growth. This reflects the increasing interest of national entities in protecting their innovations and transforming them into valuable economic assets.
The entity further noted that this growth contributed to raising the total number of patent applications filed in 2025 to 10,300, compared to 8,029 in 2024. It affirmed its continued efforts to develop the intellectual property system, streamline registration procedures, and support innovation, in line with the objectives of the Kingdom’s Vision 2030.
Saudi Arabia has made notable progress in the 2025 Global Intellectual Property Index, with its score rising by 17.5 percent, placing it among the fastest-improving economies out of the 55 countries evaluated.
According to the 13th edition of the index, published by the US Chamber of Commerce in April, the Kingdom now ranks 40th globally, a reflection of the substantial reforms driven by its Vision 2030 strategy. These reforms aim to enhance intellectual property protection, foster innovation, and support the growth of a knowledge-based economy.
Since 2019, Saudi Arabia’s overall score has increased from 36.6 percent to 53.7 percent in 2025, marking a cumulative improvement of over 40 percent in just six years. This progress stems from a comprehensive transformation of the nation’s IP ecosystem, including the strengthening of legal frameworks and enforcement mechanisms.
These developments highlight Saudi Arabia’s growing institutional capacity and ongoing regulatory modernization, led by the SAIP.
