FTX’s Bankman-Fried Agrees To US Extradition

FTX founder Sam Bankman-Fried on Monday agreed to voluntary extradition to the United States to face a litany of federal charges in connection with the rapid collapse of his cryptocurrency empire.

  • Bankman-Fried had said this weekend be would waiver his right to contest extradition if a judge in the Bahamas, where he is being held, denied him bail a second time.
  • FTX suddenly collapse in October when investors rapidly lost confidence in the firm and simultaneously attempted to withdraw their stake in it, leaving the cryptocurrency titan unable to fully remunerate its many investors.
  • Bankman-Fried faces charges of fraud in connection with his handling of the company and reports have emerged of suspicious transfers between FTX and its sister organization, hedge-fund Alameda Research.
  • Bankman-Fried has denied wrongdoing but admitted that the company lacked adequate risk-assessment safeguards.
  • He was arrested in the Bahamas by local authorities last week.
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