Disgraced crypto magnate Sam Bankman-Fried is preparing to extradite to the US as soon as today, according to a news report, and appears to be changing course after initially blocking US authorities’ request.
FTX founder and former CEO Bankman-Fried (SBF) is said to be ready to leave the Bahamas to face charges in the US, bloomberg claimed early Monday, citing a source familiar with the matter. The source claimed that the SBF believed he could get bail in the US
The media reported this weekend that Bankman Fried was considering dropping its extradition fight after she spent a few days in a Bahamas jail. Decode He did not receive an immediate response from the SBF press spokesperson.
Bankman Fried appeared in Bahamas court on Monday morning The Wall Street Journal But nothing was mentioned about his handover before calling for a delay. SBF Bahamas Attorney Jeron Roberts said he was surprised to see his client in the courtroom this morning.
“Whatever impact he may have had here this morning, it is not about me,” Roberts told Judge Chaka Cerville.
Police in the Bahamas last week arrested SBF, as FTX is based in the Caribbean country. US authorities requested his arrest, and the Southern District’s Fraud and Complex Cybercrime Unit of the US Attorney’s Office in New York indicted the SBF on eight criminal counts – including fraud and money laundering – on December 13.
Cryptocurrency exchange FTX went bankrupt last month in a widely publicized crash. The company allowed customers to buy, sell and store various digital assets, as well as bet on the future price of cryptocurrencies through derivatives products – and it was one of the most popular exchanges in the world.
But things turned sour after it became clear that the company did not have enough funds to back up clients’ assets. This is allegedly because trading firm Alameda Research, also founded by Bankman-Fried, has the ability to use FTX clients’ assets for its own money and without oversight, according to newly appointed FTX CEO John J. Ray III.
Ray said the company blew up because it was run by “a very small group of inexperienced, inexperienced individuals.” Meanwhile, James Bromley, attorney for FTX’s new management, called the stock market’s downturn “one of the most sudden and catastrophic crashes in American corporate history.”
SBF, which has dealt with politicians and made huge donations to both Democrats and Republicans, has knowingly denied doing anything illegal. Prior to his arrest, Bankman-Fried gave a series of public interviews and claimed that he would try to recover clients’ money that had smoked.
At least $8 billion in assets are missing after the stock market crash. The collapse of FTX has prompted US lawmakers to renew their efforts to regulate the fast-moving and complex crypto industry, with a new bill introduced by Sens. Warren and Marshall amid Senate hearings on the collapse of FTX.
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