It is still unclear if the former CEO and co-founder of FTX, SBF will fight for his extradition or decide to continue the legal proceedings in the Bahamas. However, reports say that he will agree to be extradited.
Bankman-Fried will be likely appearing in court today, to reverse his decision of not getting extradited to the U.S. Last Tuesday, his request for bail was denied by a Bahamian judge on the grounds of him ‘posing a flight risk’.
What happens next?
If SBF agrees to his extradition, he will be transferred to the U.S. in what may take a few weeks. He will then be appearing in the U.S. court and judge. His bail hearings will further be decided by them.
SBF is currently being trialled in the Bahamas, where FTX was based.
The former CEO of FTX, SBF is facing a total of 8 different charges by the federal prosecutors of New York. If the punishment for all is to be given it would lead to 115 years of imprisonment. However, SBF is likely to get a lesser prison sentence.
Also read: Kevin O’Leary Shows Unwavering Support For Bankman-Fried Through Latest Tweet
Apart from that, he has also been accused by the U.S. market regulators of defrauding investors and customers by giving them false data and hopes. As they said, “he built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”
SBF is also claimed to be guilty of misusing the funds of the customers for benefits to his organization and the sister company to FTX, Alameda Research. He has defended himself by tweeting that he had not been highly involved with Alameda in the past couple of years.
He is also accused of providing wrong information to the customers about the financial conditions of Alameda.
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