Authorities said Monday that Sam Bankman-Fried was detained in the Bahamas by authorities. He is the disgraced founder and CEO of cryptocurrency exchange FTX.

Bahamian authorities stated that Bankman-Fried was arrested after the United States had filed charges against him. They also expect to request extradition.

Prime Minister Philip Davis stated that the United States and Bahamas have a common interest in holding accountable anyone associated with FTX, who might have betrayed public trust and violated the law.

“While the United States is pursuing individual criminal charges against SBF, the Bahamas will continue its regulatory and criminal investigations into FTX’s collapse with the continued cooperation from its law enforcement partners in the United States.”

“At the time that a formal request for extradition has been made, the Bahamas will process it promptly, pursuant Bahamian law, and its treaty obligations to the United States,” stated the Office of the Attorney General, Ministry of Legal Affairs, in a statement.

According to a sealed indictment, the U.S. District Court for the Southern District of New York confirmed Bankman Fried’s arrest.

In a statement to Fox News, U.S. attorney Damian Williams stated that “We expect to move in the morning to unseal indictment and will have more information at that time.”

Bankman-Fried and John Ray III, FTX’s current CEO were scheduled to testify before the House Financial Services Committee Tuesday.

“While Mr. Bankman Fried must be held responsible, the American people deserve to hear directly from Mr. Bankman Fried about the actions which’ve harmed more than one million people and wiped out hard-earned savings of so many,” Rep. Maxine Wassers, D.Calif., chairwoman of the Financial Services Committee, stated in a statement. “The timing of this arrest is unacceptable as the public was eager to hear the answers under oath before Congress.

“While I’m disappointed we won’t be able hear from Mr. Bankman Fischer tomorrow, we are committed to finding the truth and the Committee looks forward hearing from Mr. John Ray III tomorrow to begin our investigation.”

FTX filed for bankruptcy in November 11th after running out of cash following a cryptocurrency bank run. Because of growing doubts regarding the financial strength and affiliation of Alameda Research, customers tried to withdraw all their assets at once.

FTX’s new management called the collapse of the cryptocurrency exchange’s management a “complete fail of corporate controls.”

Bankman-Fried stated that he didn’t “knowingly” misuse customer funds.

He said that he didn’t want to ever commit fraud on anyone during an interview with Andrew Ross Sorkin, who was speaking at a New York Times conference in November. “I was shocked by what happened this month.”