Disgraced crypto mogul Sam Bankman Fried was arrested in the Bahamas on Monday after receiving a formal notification from the United States, according to the Bahamas Department of Justice.

Bahamian authorities said the US is likely to seek his extradition.

What happened: “The Bahamas and the United States have a common interest in holding accountable all individuals with FTX who may have defrauded the public trust and broke the law” Philip DavisPrime Minister of the Bahamas said in a statement.

The statement continued, “While the United States pursues criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigation into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

The charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, according to the New York Times reportedciting a person familiar with the matter.

Why it matters: Bankman Fried was planned appear before the US Congress via video link on Tuesday. He said he couldn’t attend in person because he was “very overbooked” and worried about paparazzi traveling to Washington, DC

On Tuesday, members of the The House Financial Services Committee planned to question Bankman-Fried about the sudden failure of digital currency exchange, which was once worth tens of billions of dollars.

Now, however, that may not be the case as he is in the custody of Bahamian authorities.

In an interview with the Unusual Whales platform on Twitter Spaces on Monday, Bankman-Fried said he would testify.

To FTX filed for bankruptcy on November 11th, Bankman-Fried did a quicksand media tour to explain his behavior.

This is an evolving story.

**Update** This story has been updated to reflect Bankman-Fried’s allegations.