FTX Founder Sam Bankman-Fried Leaves the Bahamas to the U.S. After Agreeing to be Extradited
Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, departed from the Bahamas for the United States according to the New York Times. Authorities in the Bahamas announced that Bankman-Fried agreed to be extradited to the United States to face federal criminal charges in the Southern District of New York.
Authorities arrested Bankman-Fried last week at the request of the U.S. government. Prosecutors allege that Bankman-Fried caused the collapse of FTX and failed to notify investors. The U.S. Securities and Exchange Commission said that he misused investor money to buy lavish items and property for himself and his family.
A Bahamian judge last week denied Bankman-Fried’s request for bail ruling that he presents a flight risk if released. However, Bankman-Fried will appear in federal court in the United States and request bond at his arraignment.
Bankman-Fried could potentially spend the rest of his life in prison if convicted.
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