Sam Bankman-Fried, cryptocurrency tycoon, deported from Bahamas to the US

Sam Bankman-Fried, cryptocurrency tycoon, deported from Bahamas to the US

It had been anticipated that the exchange’s founder and cryptocurrency mogul, FTX, would oppose being extradited to New York to face fraud charges. But on Wednesday, he appeared in court in Nassau and informed the judge that he had forfeited his “right to such official extradition procedures.”

Sam Bankman-Fried, who is accused of crimes related to the demise of cryptocurrency exchange FTX, has been extradited from The Bahamas to the US.

Bankman-Fried was seen driving away from a magistrate court in Nassau in a dark SUV, according to Bahamas authorities, who said the founder of FTX had renounced his right to object to the extradition.

A plane carrying the former CEO reportedly fled the Bahamas from a private airfield near the airport in Nassau, according to Reuters.

Bankman-Fried is scheduled to arrive at New York’s Westchester County Airport and is expected to appear before a US court later on Thursday.

It follows the admission of guilt by two of his accomplices to criminal charges connected to the FTX collapse.

Gary Wang, a co-founder of FTX, and Carolyn Ellison, the former CEO of Bankman-trading Fried’s company Alameda Research, both entered guilty pleas to charges “connected to their involvement in the fraud that resulted in FTX’s collapse,” according to US Attorney Damian Williams.

Sam Bankman-Fried, cryptocurrency tycoon, deported from Bahamas to the USSam Bankman-Fried, cryptocurrency tycoon, deported from Bahamas to the US

According to the document, which is dated 20 December, Bankman-Fried had previously chosen to submit to extradition in part because of a “desire to make the relevant consumers whole.”

He was “anxious to go,” his attorney told the judge.

After the statements, the session was called to an end.

In what US Attorney Damian Williams termed “one of the largest financial scams in American history,” federal authorities in Manhattan last week accused the bitcoin tycoon of stealing billions of dollars in FTX customer money to patch losses at his hedge fund, Alameda Research.

In The Bahamas, where he resides and FTX is headquartered, Bankman-Fried was detained last week in response to a US extradition request.

He first declared he would fight extradition, but over the weekend, it was rumored he might change his mind.

Although Bankman-Fried admitted that FTX had poor risk management, he insisted that he did not think he was criminally responsible.

At the height of the trade, his personal fortune is said to have reached $20 billion (£16.2 billion), but it has subsequently fallen to only $100,000 (£83,000).

The status of Bankman-anticipated Fried’s extradition was uncertain before to the hearing on Wednesday because of the convoluted series of events that occurred this week.

After hearing in the news that he had consented to extradition, Bankman-Fried showed up at the courts on Monday wearing a blue suit jacket and a white shirt. He arrived in a black van with the word “Corrections” written on the side.

Jerone Roberts, his local defense attorney, said he was unaware of the panel’s objectives during the hearing.

After a brief break, Mr. Roberts said that although his client had read an affidavit summarizing the accusations against him, he still needed to view the whole indictment before agreeing to extradition.

The meeting was then put on hold. They were supposed to pick it back up on Tuesday morning, but Bankman-legal Fried’s documents were late.

Before the FTX crisis destroyed his riches and damaged his image, Bankman-Fried rode the cryptocurrency bubble to multiple billionaire status and prominence as a US political donor.

Concerns over the co-mingling of money with Alameda led to a rush of client withdrawals, which ultimately caused the collapse.

On November 11th, the crypto exchange filed for bankruptcy, and Bankman-Fried resigned as CEO the same day.

Mello
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