Sam Bankman-Fried, the discredited founder of the cryptocurrency exchange FTX, was detained on Monday in the Bahamas.

According to Bahamian officials, Bankman-Fried was detained after the US officially filed charges against him and indicated that it would probably seek his extradition.

In a statement, Prime Minister Philip Davis said that he cooperating with US officials to bring in people affiliated with FTX, who he said abused the public’s trust and breached the law.

Based on a court-issued sealed indictment, the U.S. District Court for the Southern District of New York authorized Bankman-detention.

The United States has stated that it will move to unseal the indictment in the morning and will have more to say then.

Along with John Ray III, the current CEO of FTX, Bankman-Fried was slated to give testimony before the House Financial Services Committee on Tuesday.

The American public wants to hear directly from Mr. Bankman-Fried about the activities that have affected over one million individuals and destroyed the hard-earned life savings of so many, Rep. Maxine Waters, a Democrat from California said in an interview.

When the company ran out of money following the cryptocurrency equivalent of a bank run, FTX declared bankruptcy on November 11. Customers attempted to withdraw all of their investments at once from the company due to mounting concerns about the company’s linked trading arm, Alameda Research, and its financial stability.