FTX Founder Agrees to US Extradition... "Return as Early as the 21st"

[Image source=Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Sam Bankman-Fried, the founder of FTX, one of the world's top three cryptocurrency exchanges that filed for bankruptcy protection, is expected to be extradited to the United States as early as the 21st (local time).

US media outlets CNBC and ABC reported on the 20th, citing Bahamian officials, that Bankman-Fried signed extradition documents agreeing to the US criminal extradition request instead of engaging in a legal battle.

Accordingly, the Bahamian court is expected to approve this at the hearing on the 21st. Don Clare, acting director of the Bahamas Department of Corrections, stated that Bankman-Fried is scheduled to be transported from the Bahamas to the US by federal aircraft immediately after the hearing. A source told CNBC that there are expected to be no further issues regarding the US extradition process.

Initially, Bankman-Fried was expected to express his consent to extradition to the US at the hearing the previous day, but no mention was made at that time. CNBC reported that this caused two days of confusion in the Nassau court in the Bahamas.

Bankman-Fried was arrested in the Bahamas on the 12th, about a month after FTX filed for bankruptcy protection last month. The US Southern District of New York federal prosecutor's office announced in an indictment released the next day that Bankman-Fried faces eight charges including criminal fraud, internet banking fraud, money laundering, and illegal campaign contributions.

It is understood that Bankman-Fried raised billions of dollars from FTX investors and embezzled the funds to his affiliate Alameda Research, then used them for undisclosed venture investments, luxury real estate purchases, and large political donations. If all charges are proven in court, he could face up to 115 years in prison.

Not only the US prosecutors but also US financial authorities such as the Securities and Exchange Commission (SEC) have filed civil lawsuits against Bankman-Fried for investor fraud.

This content was produced with the assistance of AI translation services.