FTX’s Bankman-Fried to agree to extradition to US: reports

Disgraced former FTX CEO Sam Bankman-Fried is anticipated to comply with extradition to the U.S., the place he faces eight fees, a number of retailers reported.

Bankman-Fried was arrested within the Bahamas final week as a federal court docket in Manhattan indicted the cryptocurrency mogul on wire fraud, securities fraud and commodities fraud, amongst different fees, following the collapse and chapter of FTX.

He faces allegations that largely heart on his firm’s purported use of buyer deposits at FTX to bankroll his personal hedge fund, known as Alameda Analysis. 

The scrutiny has led to separate complaints from the Securities and Alternate Fee and the Commodities Futures Buying and selling Fee.

Bankman-Fried has spent the previous week within the Bahamas’s Fox Hill jail, which has a popularity for unsanitary circumstances and overcrowding.

His reported transfer to not contest extradition, which was first reported by Reuters, would pave the way in which for him to return to the U.S. and face fees filed within the U.S. District Courtroom for the Southern District of New York.

The Hill has reached out to Bankman-Fried’s attorneys for remark. Sources instructed ABC Information he might waive extradition as quickly as a court docket listening to Monday.

The indictment alleges Bankman-Fried knowingly devised a scheme “to defraud clients of FTX.com by misappropriating these clients’ deposits and utilizing these deposits to pay bills and money owed of Alameda Analysis, Bankman-Fried’s proprietary crypto hedge fund, and to make investments.”

The Division of Justice has additionally alleged that Bankman-Fried violated federal marketing campaign finance legal guidelines by making contributions to candidates reported within the title of one other individual.