Sam Bankman-Fried agreed to be extradited from the Bahamas back to the U.S. to face fraud charges. He is the founder of the cryptocurrency exchange FTX.
Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, has agreed to be extradited back to the U.S. to face federal fraud charges.arrived at a courthouse in the Bahamas early Monday and is expected to tell a judge he will not fight extradition to the U.S., where he faces multiple criminal and civil charges related to the collapse of cryptocurrency exchange FTX.
Bahamian authorities arrested Bankman-Fried last Monday at the request of the U.S. government. The former FTX CEO faces criminal charges in the U.S., including wire fraud and money laundering, as well as civil charges. The 30-year-old could potentially spend the rest of his life in jail. Bankman-Fried’s downfall, from crypto evangelist to pariah, occurred with stunning speed. FTX filed for bankruptcy protection on Nov. 11 when it ran out of money after the cryptocurrency equivalent of a bank run.
Bankman-Fried had been worth tens of billions of dollars – at least on paper –and was able to attract celebrities like Tom Brady or former politicians like Tony Blair and Bill Clinton to his conferences at luxury resorts in the Bahamas. One prominent Silicon Valley firm, Sequoia Capital, invested hundreds of millions of dollars in FTX.
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