FTX Founder to Be Extradited to US Soon...Officially Agreed in Court

[Image source=Reuters 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, who was indicted by U.S. prosecutors and arrested in the Bahamas, has officially agreed to extradition to the United States.

According to the Wall Street Journal (WSJ) and others, Bankman-Fried stated at a hearing held in a Bahamian court on the 21st (local time), "I want to waive my rights to formal extradition proceedings." This reaffirmed his intention to agree to extradition to the U.S. instead of a legal battle. Bankman-Fried also signed related documents the day before.

Accordingly, Bankman-Fried will be sent to the United States as soon as the Bahamian authorities approve. However, the exact date and location have not been disclosed. Bankman-Fried's lawyer requested that he be transferred to the U.S. within the day, saying, "(Bankman-Fried) wants to leave."

Earlier, some foreign media also reported, citing Bahamian officials, that Bankman-Fried would board a plane from the Bahamas to the U.S. immediately after the hearing on the same day.

The U.S. Attorney's Office for the Southern District of New York previously indicted Bankman-Fried on eight charges including criminal fraud, internet banking fraud, money laundering, and illegal campaign contributions. Not only the U.S. prosecutors but also financial authorities such as the Securities and Exchange Commission (SEC) have filed civil lawsuits against Bankman-Fried for investor fraud.

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

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