The founder of the insolvent crypto exchange FTX is being extradited to the US. Sam Bankman-Fried will be brought from the Bahamas to the United States, the Caribbean state’s attorney general said Wednesday (local time).
The 30-year-old waived his right to challenge the extradition. Bankman-Fried was arrested in the Bahamas on December 12 at the request of US authorities. 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. This concerns more than 1.8 billion dollars (more than 1.7 billion euros).
Bankman-Fried’s FTX group had collapsed due to massive withdrawals related to liquidity problems. Billions of customer credits could not be paid out. Bankman-Fried, who is only referred to as SBF in the crypto industry, was considered a crypto prodigy and just a few months ago he graced the front pages of US business publications such as “Fortune”. (saw/sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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