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FTX chief Bankman-Fried could accept extradition from Bahamas
Business and Economy

FTX chief Bankman-Fried could accept extradition from Bahamas

by  AFP 1 min read
FTX founder Sam Bankman-Fried is led away handcuffed by police in Nassau, Bahamas on December 13, 2022
FTX founder Sam Bankman-Fried is led away handcuffed by police in Nassau, Bahamas on December 13, 2022. Photo: Mario Duncanson / AFP
Source: AFP

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Cryptocurrency tycoon Samuel Bankman-Fried could accept extradition to the United States to face charges over the multi-billion dollar collapse of his FTX group when he appears in court Monday in the Bahamas, according to US and local media.

Bankman-Fried, once the wunderkind of the global digital currency world, may reverse his position last week to fight extradition when he attends a hearing in Nassau at around 11:00 am (1600 GMT).

Last week the US Justice Department and the Securities and Exchange Commission filed criminal and civil charges against the one-time crypto billionaire and media star, alleging that he cheated investors in FTX and misused funds that belonged to FTX customers.

FTX's spectacular rise from 2019 to being a leading player in the virtual currency industry based in the Bahamas ended dramatically in November when the company and its sister trading firm Alameda Research collapsed into insolvency.

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Bankman-Fried was arrested at his Nassau apartment one week ago at the request of federal prosecutors in New York.

He was charged in the United States with eight counts including conspiracy, wire fraud, money laundering and election finance violations.

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Separately the SEC accused him of violating securities laws.

Source: AFP

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