Sam Bankman-Fried, the 30-year-old founder of FTX, was arrested in the Bahamas and charged with defrauding investors out of $1.8 billion.

Sam Bankman-Fried, the accused crypto crook, was apprehended in the Bahamas, accused of "massive, years-long fraud" that defrauded investors out of $1.8 billion using a house of cards.

The 30-year-old FTX mogul was arrested Monday night after the Bahamian government received formal notification of charges against him from the US.

The US Attorney for the Southern District of New York is expected to charge him on Tuesday with wire fraud, conspiracy to commit wire fraud, securities fraud, conspiracy to commit securities fraud, and money laundering.

He was charged separately by the US Securities and Exchange Commission as he awaited his first appearance before a magistrate in the Bahamas on Tuesday (SEC).

"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors it was one of the safest buildings in crypto," SEC Chair Gary Gensler said as the civil complaint was revealed.

“The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws.”

Disgraced former FTX co-founder Sam Bankman-Fried was arrested in the Bahamas on Monday/Getty Images.

According to the SEC complaint, "Bankman-Fried raised more than $1.8 billion from investors who believed that FTX had appropriate controls and risk management measures."

"Unbeknownst to those investors (and FTX's trading customers), Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform's customer funds for his own personal benefit and to help grow his crypto empire."