FTX founder to be extradited to New York


FTX founder Sam Bankman-Fried to be extradited to New York

01:36

Sam Bankman-Fried told a Bahamian court Wednesday that he has agreed to be extradited to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX.

The former FTX CEO appeared at a Magistrate’s Court and then was taken back to prison, where he is awaiting an airplane to take him to the United States, according to Bahamian news organization Our News. A source familiar with the situation told CBS News he was expected to depart for the U.S. Wednesday night.

Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.


FTX founder Sam Bankman-Fried charged in “years-long” fraud scheme

02:07

The 30-year-old could potentially spend the rest of his life in jail.

In media interviews, Bankman-Fried — the son of two Stanford professors and a prolific political donor — has maintained that he erred in his running of FTX, but that he didn’t commit fraud.

Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, is being held in the Bahamas’ Fox Hill prison, which has been cited by human rights activists as having poor sanitation and being infested with rats and insects.

Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.


Source link

You May Also Like

What to Do with Unwanted Gift Cards

I recently beat out my Money Crashers colleagues in a grueling test…

6 Big Retailers With Small Black Friday Discounts in 2022

Not all Black Friday sales offer equally good deals — and a…

How Accidental Death Travel Insurance Works – NerdWallet

Vacations are always exciting. The chance to get out of town, see…

Powerball jackpot hits $1.2 billion

Powerball jackpot hits $1.2 billion – CBS News Watch CBS News Wednesday…

Wait times for the iPhone 14 Pro stretch past 5 weeks

Holiday shoppers buying an iPhone 14 Pro today should be prepared to…

Your Social Security Checks Get Bigger on This Date

UlianaG / Shutterstock.com In 2023, Social Security recipients will see their monthly…