At the request of the US authorities, Sam Bankman-Fried was arrested in the Bahamas. Now he is being taken to the United States – where he faces a long prison sentence.
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”.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
