Antigua.news Caribbean FTX founder agrees to extradition

FTX founder agrees to extradition

21 December 2022 - 21:42

FTX founder agrees to extradition

21 December 2022 - 21:42

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

The former FTX CEO appeared at a Magistrate’s Court and is expected to head to Odyssey Aviation to return to the United States, according to Bahamian news organisation Our News.

Bahamian authorities arrested Bankman-Fried last week at the request of the US government.

US 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.

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

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 has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.

Once he’s back in the US, Bankman-Fried’s attorney will be able to request that he be released on bail. (AP-New York)

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About The Author
<a href="https://antigua.news/author/editorial-satff/" target="_self">Editorial Staff</a>

Editorial Staff

The Editorial Staff refers to all reporters employed by Antigua.news. When an article is not an original creation of Antigua.news—such as when it is based on a press release, other media articles, letters to the editor, or court decisions—one of our staff members is responsible for overseeing its publication. Contact: [email protected]

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