February 4, 2023

According to the latest reports, FTX founder Sam Bankman-Fried is heading back to the United States to face criminal charges over the collapse of his crypto exchange after a judge approved his extradition from the Bahamas. In an affidavit read in court on Wednesday, Bankman-Fried stated that he had “a desire to bring the relevant customers to health” and that he had agreed not to challenge his extradition.

SBF’s extradition to the United States

To answer charges of wire fraud, securities fraud, money laundering and campaign finance violations, SBF could fly to New York as early as Wednesday afternoon.

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He will be charged upon arrival at Federal District Court in Manhattan, but the actual day and time of the hearing are still unknown. The allegations come as a result of the infamous collapse of FTX, which went bankrupt last month.

Read more: SBF blames FTX bankruptcy decision on ‘pressure and stress’

In court, Mr. Bankman-Fried that he “got it right” to the magistrate, Shaka Serville. When Mr. Bankman-Fried was asked if he was in good health, he replied, “Yes.”

Eight counts of criminal charges

As previously reported on CoinGape, the 30-year-old crypto mogul faces eight felony counts from federal prosecutors in the Southern District of New York, including charges of conspiracy, fraud and money laundering.

He has maintained that it was not his intention to commit fraud and that he was unaware of all the details at Alameda Research, his crypto hedge fund that has been accused of gambling with customer deposits.

The Sam Bankman Fried Saga

The unexpected shock surrounding the extradition was another twist in the legal drama that began in early November, when a run on deposits revealed an $8 billion shortfall in FTX’s accounts. The controversy started when the exchange attempted to limit and eventually shut down customer withdrawals without prior announcements.

Read more: Is Shiba Inu Coin (SHIB) Finally Ready for the Big Rally of 2023?

Prosecutors and US regulators also allege that Sam Bankman-Fried has masterminded a massive fraud since FTX was founded in 2019. Where he has been found using client funds to fund extravagant Bahamas real estate purchases, investments in other businesses, political contributions and a glamorous marketing campaign.

Read also: Binance’s Mysterious Transactions Worth $22 Trillion Found in Latest Analysis

Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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