Reuters: FTX founder ends fight against extradition to US

Reuters: FTX founder ends fight against extradition to US

Photo: ANP

Sam Bankman Fried, founder of the bankrupt cryptocurrency exchange FTX, who is currently imprisoned in the Bahamas, wants to end his fight against extradition to the United States. This was reported by the Reuters news agency on the basis of insiders. The US authorities accuse Bankman Fried of several criminal offenses and want him to be tried in the US.

FTX went bankrupt because the company did not have enough money to pay off users’ balances. This was in part due to the transfer of client assets from FTX to the Alameda Investment Fund, which also belongs to Bankman-Fried. There I stumbled into investments.

US authorities suspect Bankman Fried of a total of eight criminal offenses. In addition to improper use of customer funds in Alameda’s FTX, it could also involve misleading lenders and customers about the financial health of crypto companies. He would have laundered proceeds and violated US campaign finance laws.

A hearing is scheduled for February 8 regarding Bankman-Fred’s extradition to the United States. His attorney said during a hearing on Tuesday that he would oppose the extradition plans.

That hearing was the first since Bankman-Fried’s arrest the previous day in the Bahamas. During the hearing, his attorney also suggested that Bankman-Fried wanted $250,000 in cash as security. According to his lawyer, Bankman-Fried will be allowed to leave his cell and wear an ankle bracelet. However, the judge did not agree to this due to the high risk of flying.

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