FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are believed to be in the Bahamas and are “under the supervision” of local authorities.
The source familiar with the matter told Cointelegraph that the three former FTX executives, as well as Alameda Research CEO Caroline Ellison, are looking for ways to flee to Dubai, which “does not have any extradition treaties” – likely referring to the United States.
“Right now three of them, Sam, Gary and Nishad are under supervision in the Bahamas. Which means it will be difficult for them to leave, said the source, who asked to remain anonymous, adding:
“I was just told they were trying to find a way to get to Dubai that doesn̵[ads1]7;t have an extradition treaty.”
The source also revealed that Ellison is currently in Hong Kong, adding that “she may be able to make it to Dubai.”
A similar theory was discussed as part of a 16-hour long Twitter space by The Crypto Roundtable Show host Mario Nawfal, with a guest speaker claiming that “reliable sources” have seen Bankman-Fried “in a locked room” with the authorities in Albany Tower – a luxury resort located in New Providence in the Bahamas.
An unconfirmed rumor also suggests that Bankman-Fried is currently joined by her father, Joseph Bankman.
Rumors that Bankman-Fried had been arrested on the tarmac at the Bahamas airport circulated around November 10 with evidence suggesting that Bankman-Fried’s private jet had been on the ground for 40 minutes while en route to Miami from Nassau.
On November 12, rumors suggested that Bankman-Fried had landed in Buenos Aires in the early hours of the day, after Twitter users tracked the coordinates of his private jet using the flight tracking website ADS-B Exchange.
Later in the day, Bankman-Fried dismissed speculation in a text message to Reuters that he had fled to Argentina, claiming he was still in the Bahamas.
Related: FTX reportedly hacked as officials report abnormal wallet activity
The former FTX boss is at the center of one of the industry’s biggest scandals.
A report by The Wall Street Journal on November 9 suggested that the US Department of Justice and the Securities and Exchange Commission are investigating the collapse of the crypto exchange.
The Department of Financial Protection and Innovation (DFPI) in the state of California announced on November 10 that it will open an investigation into the “apparent failure” of the exchange.
About 130 companies in the FTX Group, including FTX Trading, FTX US and Alameda Research began bankruptcy proceedings on November 11.