Judge Approves Extradition of Sam Bankman-Fried from the Bahamas to the United States to Face Charges in FTX Collapse

In an affidavit that was read aloud in court Wednesday, Bankman-Fried said he had “a desire to make the clients involved whole” and that he had agreed not to contest his extradition.

SBF’s Extradition to the United States

To face allegations of wire fraud, securities fraud, money laundering and campaign finance violations, SBF could fly to New York as early as Wednesday afternoon.

He will be charged after arriving in Manhattan federal court, but the day and time of the hearing are not yet known. The charges follow the notorious bankruptcy of FTX, which became insolvent last month.

Read:  Shiba Inu SHIB's impressive rebound after US inflation announcement

In court, Sam Bankman-Fried said he is “doing well” to the magistrate judge, Shaka Serville. When asked whether or not he was in good health, Mr. Bankman-Fried replied “Yes“.

Eight criminal counts

The 30-year-old crypto mogul faces eight criminal counts from federal prosecutors in the Southern District of New York, including charges of conspiracy, fraud and money laundering.

He has maintained that he did not intend to commit fraud and was not aware of all the details of Alameda Research, his crypto-currency hedge fund that is accused of gambling with customer deposits.

Read:  Dozens of girls protest in eastern Afghanistan over closure of girls' schools

The Sam Bankman-Fried Saga

The unexpected tipping of the extradition is a new twist in the drama legal drama that began in early November, when a deposit rush uncovered an $8 billion deficit in FTX’s accounts. The controversy began when the exchange tried to limit customer withdrawals, only to disable it without any prior announcement.

In addition, U.S. prosecutors and regulators allege that since FTX was founded in 2019, Sam Bankman-Fried has been behind a massive fraud. Where he has been found using client funds to finance extravagant real estate purchases in the Bahamas, investments in other companies, political contributions and a glamorous marketing campaign.

The Best Online Bookmakers February 23 2024

BetMGM Casino