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FTX founder Sam Bankman-Fried agrees to extradition, expected to fly to U.S. Wednesday

Sam Bankman-Fried instructed a Bahamian courtroom Wednesday that he has agreed to be extradited to the U.S. to face legal expenses associated to the collapse of cryptocurrency alternate FTX.

The former FTX CEO appeared at a Magistrate’s Court after which was taken again to jail, the place he’s awaiting an airplane to take him to the United States, in accordance to Bahamian information group Our News. A supply aware of the state of affairs instructed CBS News he was expected to depart for the U.S. Wednesday night time.

Bahamian authorities arrested Bankman-Fried final week on the request of the U.S. authorities. U.S. prosecutors allege he performed a central function within the speedy collapse of FTX and hid its issues from the general public and buyers. The Securities and Exchange Commission stated Bankman-Fried illegally used buyers’ money to purchase actual property on behalf of himself and his household.


FTX founder Sam Bankman-Fried charged in “years-long” fraud scheme

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The 30-year-old may probably spend the remainder of his life in jail.

A federal prosecutor additionally introduced Wednesday night time that two associates of Bankman-Fried have pleaded responsible to legal expenses associated to the collapse of FTX.

Carolyn Ellison, the previous CEO of Alameda Research, a buying and selling agency began by Bankman-Fried, and Gary Wang, who co-founded FTX together with Bankman-Fried, pleaded responsible within the Southern District of New York to expenses “related to their roles in the fraud that contributed to FTX’s collapse,” U.S. Attorney Damian Williams stated Wednesday night time.

In agreements signed with prosecutors on Monday, Ellison and Wang agreed to plead responsible to expenses together with wire fraud, securities fraud and commodities fraud.

The SEC additionally announced civil expenses towards Ellison and Wang Wednesday.  

In media interviews, Bankman-Fried — the son of two Stanford professors and a prolific political donor — has maintained that he erred in his operating of FTX, however that he did not commit fraud.

Bankman-Fried was denied bail Friday after a Bahamian choose dominated that he posed a flight threat. The founder and former CEO of FTX, as soon as price tens of billions of {dollars} on paper, was being held within the Bahamas’ Fox Hill jail, which has been cited by human rights activists as having poor sanitation and being infested with rats and bugs.

Once he is again within the U.S., Bankman-Fried’s lawyer shall be ready to request that he be launched on bail.

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