BREAKING: Former FTX CEO Sam Bankman-Fried ARRESTED in Bahamas

The news that millions of ripped off people around the world have been waiting for has finally arrived. Sam Brankman-Fried, the embattled former CEO of cryptocurrency giant FTX and trading firm Alameda Research, has been arrested in the Bahamas, the Bahamas Attorney General’s Office announced on Monday.

The arrest “followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition,” the office said.

Since the fall and collapse of FTX, federal prosecutors in the Southern District of New York have been looking at Bankman-Fried, sources told ABC News.

Sources confirmed on Monday that the charges are out of the Southern District of New York.

In response to the arrest announcement, Bahamas Prime Minister Philip Davis said, “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.”

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“While the United States is pursuing criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere,” he added.

This is a developing story. Please check back for updates.

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