Sam Bankman Fried, the founder and former CEO of the now-bankrupt exchange, was taken into custody by the Royal Bahamas Police on Monday, at the request of the United States, according to a tweet from Damian Williams, the U.S. attorney for the Southern District of New York.

The indictment from the Southern District of New York that will be unveiled on Tuesday is the basis for the arrest, said Williams.

Prime Minister Philip Davis of The Bahamas declared in a statement that the U.S. and The Bahamas have a common aim of punishing all those connected to FTX who may have violated the law and violated the public trust, as per a CNBC report.

According to CNBC, Ryan Pinder, the Attorney General for the Bahamas, commented that the U.S. is likely to demand the extradition of the person responsible for the downfall of Bankman-Fried’s FTX exchange, which brought about billions of dollars in losses worldwide and exposed operational misconduct previously unknown to users and investors.