Tuesday, February 7, 2023

FTX Founder Sam Bankman-Fried May Accept Extradition to the United States

written in World

Sam Bankman-Fried, Founder of bankrupt digital currency operator ftx, will appear He appears before a court in the Bahamas and is expected to agree to be extradited to the United States, where he faces fraud charges.

Bankman-Fried said initially that he will refuse extradition This follows his arrest a week ago in the Bahamas, where FTX resides and is headquartered. He was denied bail and referred at the Caribbean nation’s Fox Hill prison.

The 30-year-old cryptocurrency mogul took advantage of the boom in the value of bitcoin and other digital assets to become a billionaire and an influential political donor in the United States.until the collapse of FTX in early November followed by a wave of evacuations. The platform filed for bankruptcy on 11 November.

Federal prosecutors in Manhattan said Bankman-Fried stole billions of dollars in deposits from FTX customers to cover up the losses. In his cryptocurrency hedge fund, Alameda Research.

They accuse Bankman-Fried of misleading lenders and investors, conspiracy to commit money laundering, and violating US campaign finance laws.

banker FTX has acknowledged flaws in risk managementBut he said he does not believe he has any criminal responsibility.

If extradited to the United States, Bankman-Fried must appear before a judge in Manhattan Within two days, though the hearing will probably be quicker. You will be asked to plead guilty and the judge will make a bail ruling.

Prosecutors are expected to argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money in the case and the unclear location of those funds.

Sam Bankman-Fried will be held at the Metropolitan Detention Center in Brooklyn. However due to overcrowding on campus, some federal defendants remain in prisons. on the outskirts of New York City.

Nation World News Desk
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