Sam Bankman-Fried was extradited to the U.S. from his home in the Bahamas late Wednesday, to face a long list of charges related to the downfall of the crypto exchange he founded, FTX.
At the same time, two of Bankman-Fried's one-time friends and co-workers – Caroline Ellison and Gary Wang — have pleaded guilty to fraud charges by the SDNY and are cooperating with its investigation, Williams said. Both have also been charged with defrauding investors by the Securities and Exchange Commission, the top Wall Street regulator, and are currently working with it in its investigation into Bankman-Fried, under the possibility of reaching a settlement with reduced penalties.
"When FTT and the rest of the house of cards collapsed, Mr. Bankman-Fried, Ms. Ellison, and Mr. Wang left investors holding the bag," SEC chairperson Gary Gensler said in the release."Until crypto platforms comply with time-tested securities laws, risks to investors will persist. It remains a priority of the SEC to use all of our available tools to bring the industry into compliance.
His extradition has proven tricky. After saying he would fight his removal, he signaled earlier this week that he would agree to extradition. But a hearing on the extradition was scrapped over objections from his counsel. On Wednesday, Bankman-Fried agreed in court to be taken back to the United States, but the timing of his travel was unclear.
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