Sam Bankman-Fried might not have expected that his time in the Bahamas would include the inside of a jail cell. Bankman-Fried and his inner circle at FTX and Alameda Research relocated operations to the Bahamas from Hong Kong in late 2021.

The Nassau-based employees and executives seemed to enjoy a lavish island lifestyle - think yachts and penthouses with ocean views. How much of that lifestyle was funded, ah, improperly is at the center of allegations and charges filed by everyone from the US Department of Justice to the Securities and Exchange Commission to the CFTC. 

The Department of Justice alleges that, among other things, SBF misappropriated customer deposits. And there’s a brewing fight between officials in the US and local regulators in the Bahamas just who is in charge of what. 

Bloomberg reporters Zeke Faux and Carly Wanna join this episode.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

See omnystudio.com/listener for privacy information.