According to latest reports, FTX founder Sam Bankman-Fried is headed back to the United States to face criminal charges over the collapse of his crypto exchange, after a judge approved his extradition from the Bahamas. In an affidavit that was read aloud in court on Wednesday, Bankman-Fried stated that he had “a desire to make the relevant customers whole” and that he had agreed not to challenge his extradition.
SBF’s Extradition To United States
To answer allegations of wire fraud, securities fraud, money laundering, and a violation of campaign finance laws, SBF might fly into New York as early as Wednesday afternoon.
He will be charged after arriving at the Federal District Court in Manhattan, however, the actual day and time of the hearing are still unknown. The accusations come as a result of FTX’s infamous collapse, which went insolvent last month.
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In court, Mr. Bankman-Fried stated that he was “doing well” to the magistrate judge, Shaka Serville. When Mr. Bankman-Fried was asked whether or whether he was in good health, he responded, “Yes.”
Eight Counts Of Criminal Charges
As reported earlier on CoinGape, the 30-year-old crypto tycoon is facing eight felony counts from federal prosecutors in the Southern District of New York, including charges of conspiracy, fraud, and money laundering.
He has maintained that he didn’t mean to commit fraud and that he was unaware of all the details at Alameda Research, his crypto hedge fund that is accused of gambling with customer deposits.
The Sam Bankman-Fried Saga
The unexpected seesaw over the extradition was a fresh twist in the legal drama that began in early November, when a run on deposits uncovered an $8 billion shortfall in FTX’s accounts. The controversy began when the exchange attempted to limit customer withdrawals and eventually disabling it without any prior announcements.
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Also, prosecutors and U.S. regulators allege that since the founding of FTX in 2019, Sam Bankman-Fried has masterminded a massive fraud. Where he has been found using customer funds to finance extravagant real estate purchases in the Bahamas, investments in other companies, political contributions, and a glamorous marketing campaign.
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