Bankman-Fried formally said in court that he was prepared to be sent to the United States, so his case will now go to the Bahamian foreign minister for approval.
“I wish to waive my rights to formal extradition proceedings”said Bankman-Fried, 30, who described himself as a businessman and executive before the Bahamas judge.
In this form, Bankman-Fried is expected to be sent to New York, where federal prosecutors charged him with crimes, including fraud related to the collapse of the crypto exchange FTX and, if convicted of the charges, he could face dozens of years behind bars.
In their indictment, US prosecutors claimed that the cryptocurrency mogul also conducted money laundering, violating campaign finance laws and committing wire fraud since his company’s inception in 2019.
The fall of FTX
FTX and over a hundred related entities filed for bankruptcy on November 11causing great strain on other platforms and entities that fueled the success of bitcoin and other cryptocurrencies.
It is estimated that more than 1 million people and companies around the world were defrauded by FTX for an undefined figure, but amounting to billions of dollars.
In fact, FTX owes its 50 largest unsecured creditors a total of US$3.100 million, though that’s just the tip of the iceberg of the lawsuits he’s facing.
FTX is believed to have used billions of dollars from its clients to finance risky bets through its investment firm Alameda Researchwithout the consent of its clients and that led to the collapse of the company that, until less than two months ago, was one of the three largest crypto exchange companies in the world.
Source: Ambito
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