Sam Bankman-Fried Is US-Bound to Face Criminal Charges
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Former FTX CEO Sam Bankman-Fried will be extradited to the United States following a back-and-forth in Bahamian courts.
The now disgraced crypto knight who has become known as the mastermind behind one of the biggest financial schemes had planned to fight the extradition, then apparently folded. But when he appeared in court, his lawyer and the prosecutor seemed shocked to learn about the decision. Bankman was carried back to prison but returned a short time later, agreeing to face a US court.
Bankman-Fried’s lawyer Jerone Roberts said the fallen crypto king “wishes to put the customers right and that is what has driven his decision to be voluntarily extradited to the United States.”
Bankman-Fried would have to sign an extradition paper as he prepares to be handcuffed, placed on board a plane with an escort from the US Marshals Service, carried to La Guardia or JFK Airport, and sent to the Southern District of New York courthouse.
Bankman-Fried is expected to appear in Bahamian court again on Tuesday morning to complete the extradition process.
He was arrested by Bahamian authorities last week Monday around 6 pm at the request of the US government, and spent a week in Bahamian prison after he was denied bail.
Prime Minister Philip Davis who became an acquaintance of Bankman-Fried said at the time of his arrest, “The Bahamas and the United States have shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”
He is wanted in New York for eight criminal charges– conspiracy, fraud, money laundering and violation of the fiance law, and could be sentenced to 115 years in prison. And more could be pending. All of this comes after the implosion of his 32-billion-dollar crypto empire and revelations that he diverted customer monies to his trading company, Alameda Research.
The 30-year-old crypto darling who has permanent residency in the Bahamas was in the country since 2021 when he moved the exchange from Hong Kong, China.
His high-profile attorney Mark Cohen represents him as he attempts to beat the charges.
Photo credit: Reuters
