On Friday, he resigned as CEO of FTX, the cryptocurrency exchange that imploded in spectacular fashion this week. FTXs sudden downfall and bankruptcy has eroded the already shaky confidence in the crypto sector and sparked renewed calls for stronger regulations in the space.

After his resignation, crypto watchers speculated that he fled to Argentina on a private jet. But did he? Reuters reported on Saturday morning that it had asked him via text message whether he had, to which he replied, Nope. 

It then appeared he went instead to the Bahamas, where FTX is based. Bahamian police and regulators interviewed him on Saturday, according Bloomberg, citing a person familiar with the matter. 

The intrigue surrounding the crypto moguls location is notable given how open and accessible he seemed before.

You would send emails to the press team at FTX and Sam Bankman-Fried himself would email you back. He was very approachable, very easily accessed, said Wall Street Journal reporter Caitlin Ostroff in a Friday episode of The Journal podcast.

But even a few months ago, Bankman-Fried seemed to waffle on a simple question about where he lived, telling reporters in Zoom call: I, uh, so, sorry, IIm hesitating because I mostly sleep on a bagI live, I dont know. Technically I live alone, but dont sleep there. I mostly sleep on couches and beanbags.

He was asked in that call about the boundaries between FTX and Alameda Research. FTX lent billions of dollars to Alameda Research, money that was used to fund risky bets, according to reporting by CoinDesk and then the Wall Street Journal.

Billionaire Mark Cuban said on Friday that Bankman-Fried ran FTX in a dumb way: So, what does Sam Bankman do? He just, give me more, give me more, give me more, so Im gonna borrow money, loan it to my affiliated company, and hope and pretend to myself that the FTT tokens that are in there on my balance sheet are gonna sustain their value.

Bankman-Fried isnt the only disgraced crypto mogul whos made people guess about his whereabouts. Do Kwon, the co-founder of Terraform Labs in South Korea, has denied hes on the run from authorities in his home country, where he faces allegations of manipulating the price of the Terra stablecoin, which collapsed in May. Korean prosecutors alleged in September that, despite his claims, hes obviously on the run. 

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That might make some companies nervous. 

Last week, trolls took advantage of the new service to impersonate various corporations. One for example pretended to be Eli Lilly and proclaimed We are excited to announce insulin is free now, putting the pharmaceutical giant in damage-control mode.

Another pretended to be defense contractor Lockheed Martin and said the company would stop selling weapons in some countries, including the U.S., Israel, and Saudi Arabia. 

The pranksters were able to easily pull off these stunts because, under Twitter Blue, anyone can pay $8 a month for a blue checkmark that, before Musk, indicated a notable companys or individuals identity had been verified. Twitter previously offered the verification for free

On Friday, users were reporting the recently introduced Twitter Blue was no longer available. But it was only on pause. 

Musk has warned Twitter cannot survive on advertising alone and needs to boost subscription revenue to survive, suggesting bankruptcy is a possibility in the recession he thinks is coming. In a Q&A session with employees on Thursday, Musk said he still had recession PTSD from keeping PayPal and Tesla alive during tough years, referring to post-traumatic stress disorder.

Ad sales account for 90% of Twitters overall revenue. Advertisers, for their part, have continued to steer clear of Twitter since Musks $44 billion takeover. General Motors, United Airlines, General Mills, and others have paused advertising on the platform, worried about brand safety as Musk, a self-described free-speech absolutist, makes his changes. The use of racial slurs and other offensive material spiked on Twitter after Musk took control. 

Dirk Van de Put, CEO of Mondelez International, one of the largest food and beverage companies, told Reuters on Tuesday, What weve seen recently since the change on Twitter has been announced, is the amount of hate speech increase significantly. We felt there is a risk our advertising would appear next to the wrong messages.

With companies nervous about both Twitter Blue trolls and risky advertising on the platform, much attention will be focused on how, exactly, the social network hampers or prevents impersonation once the subscription service restarts. 

The company started to offer official labels this week for some accounts, but their distribution seemed arbitrary, and they soon disappeared.

There are no sacred cows in product at Twitter anymore, tweeted Esther Crawford, a Twitter employee who has been working on the verification overhaul.

She added, Elon is willing to try lots of things many will fail, some will succeed. 

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While there will be civil lawsuits as customers and investors try to recover whats left of FTXs assets, the Justice Department is also reported to be investigating, raising questions of whether the agency will file criminal charges, and whether SBF could see the inside of a prison cell.

Even if the facts seem may seem damning on the surface, lawyers contacted by Fortune cited two potential obstacles to any criminal convictionthough ones prosecutors could likely overcome.

The first is jurisdiction. Since FTX is an offshore business with headquarters in the Bahamas, and did not cater to Americans, defense lawyers could argue the actions of its executives are beyond the reach of U.S. law enforcement.

The Justice Department, however, is good at finding a nexus linking overseas defendants to American shores, according to Randall Eliason, a former prosecutor who now teaches law at George Washington University. Two other lawyers who spoke to Fortune echoed this view, saying it would like be easy for prosecutors to find a nexus in the FTX casein the form of a tie between FTX and U.S. banks, emails, stateside meetings, or other interactions.

The second potential obstacle to a criminal prosecution comes in the form of intent. Specifically, Eliason says that any conviction will turn on whether SBF was not simply incompetent but whether he deliberately deceived investors.

Mismanaging your company and losing a bunch of other peoples money is not criminal. It happens all the time. For a criminal case, there has to be deception, he said.

Eliason added that he was not familiar with the details of the FTX debacle, but that prosecutors can show deception by means of something like a smoking gun communication, or by showing a pattern of behavior that points to fraudulent intent.

A longtime crypto lawyer, however, told Fortune he has no doubt that SBFs behavior and FTXs business practices clearly demonstrated fraud. The lawyer, who spoke on condition of anonymity, pointed to evidence like FTXs terms of service as well as the companys investor presentations and public statements by SBF.

The crypto lawyer added that all the elements are in place for Justice Department prosecutors to bring a case under a federal criminal law called Section 1343, which covers wire frauda term that describes a variety of fraud committed with the aid of electronic tools. The statute carries a maximum penalty of 20 years in prison.

SBF, who is currently not charged with anything and would be presumed innocent until found guilty in court, did not immediately respond to a text message about whether he is concerned about potential criminal charges or doing prison time.

If the Justice Department does pursue criminal charges, the agency would also have to arrest any FTX executives it believes are complicit in any wrongdoing, and that would entail locating them and potentially arranging for an extradition. An unconfirmed weekend report by Semafor said several FTX executives had flown to Hong Kong but that SBF remained in the Bahamas.

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The embattled companys new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers assets, according to a tweet by FTXs general counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators, the company said.

Exactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that $477 million was missing from the exchange. Another $186 million was moved out of FTXs accounts, but that may have been FTX moving assets to storage, said Elliptics co-founder and chief scientist Tom Robinson.

A debate formed on social media about whether the exchange was hacked or a company insider had stolen funds, a possibility that cryptocurrency analysts couldnt rule out.

Until recently, FTX was one of the worlds largest cryptocurrency exchanges. It was already short billions of dollars when it sought bankruptcy protection Friday and its former CEO and founder, Sam Bankman-Fried, resigned.

The company had valued its assets between $10 billion to $50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing.

The unraveling of the once-giant exchange is sending shockwaves through the industry, with companies that backed FTX writing down investments and the prices of bitcoin and other digital currencies falling. Politicians and regulators are calling for stricter oversight of the unwieldy industry. Experts say the saga is still unfolding.

Well have to wait and see what the fallout is, but I think we are going to see more dominoes falling and an awful lot of people stand to lose their money and their savings, said Frances Coppola, an independent financial and economic commentator. And that is just tragic, really.

The timing and the extent of access that the assumed hacker appeared to achieve, siphoning money from multiple parts of the company, led Coppola and other analysts to theorize that it could have been an inside job.

FTX said Saturday that its moving as many digital assets as can be identified to a new cold wallet custodian, which is essentially a way of storing assets offline without allowing remote control.

It does look as if the liquidators didnt act fast enough to stop some kind of siphoning off of funds from FTX after it filed for bankruptcy, and thats bad, but it just shows how complex this thing is, Coppola said.

Initially, some people were hoping that perhaps all the missing funds were liquidators or bankruptcy administrators trying to move assets to a more secure spot. But it would be unusual for that to happen on a Friday night, said Molly White, cryptocurrency researcher and fellow with the Library Innovation Lab at Harvard University.

It looked very different from what a liquidator might do if they were trying to secure the funds, she said.

White also said there are signs of possible insider involvement. It seems unlikely that someone who is not an insider could have pulled off such a massive hack with so much access to FTX systems.

The collapse of FTX highlights the need for cryptocurrency to be regulated more like traditional finance, Coppola said.

Cyrpto isnt in the very early stages anymore, she said. Weve got ordinary people putting their life savings into it.

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