The founder of the insolvent crypto exchange FTX is to be extradited to the USA. Sam Bankman-Fried will be brought to the United States from the Bahamas, the Caribbean state’s Attorney General said. The 30-year-old waived his right to contest the extradition. Bankman-Fried was arrested on December 12 at the request of US authorities in the Bahamas. In the United States, he faces a long prison sentence.
The US Securities and Exchange Commission has accused the financial manager of fraud. The agency accuses Bankman-Fried of misleading investors with false promises and embezzling their funds. It’s about more than 1.8 billion US dollars (more than 1.7 billion euros).
Bankman-Fried’s FTX group had collapsed due to huge withdrawals of funds related to liquidity concerns. Billions in customer funds could not be paid out. Bankman-Fried, who is only called SBF in the crypto industry, was considered a crypto prodigy and just a few months ago adorned the front pages of US business publications such as “Fortune”.
