[ad_1]

Disgraced FTX founder Sam Bankman-Fried completed his extradition paperwork Wednesday and is set to be transported from the Bahamas to the US, where he will face a slew of criminal charges over allegations he defrauded $1.8bn from investors.

The fallen crypto king said he consented to extradition because he wants “to make the relevant customers whole,” according to court papers — a turnaround after he had initially said he would fight the process.

He arrived in Magistrate Court building in Nassau, Bahamas around 11 a.m. Wednesday and told the judge he is waiving his right to a lengthy extradition hearing.

Bankman-Fried. will be remanded into U.S. custody once he arrives to the states, but it was not immediately clear when he would be flown out of the island nation.  

Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted into the Magistrate Court building in Nassau, Bahamas December 21, 2022.
Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted into the Magistrate Court building in Nassau, Bahamas December 21, 2022.
REUTERS
 FTX co-founder Sam Bankman-Fried is escorted by corrections officers to the Magistrate's Court on December 21, 2022
Sam Bankman-Fried is expected to be flown to the U.S. from the Bahamas sometime Wednesday.
Getty Images

The accused grifter played a key role in the quick collapse of crypto currency exchange FTX, and allegedly used investors’ money to fund his Alameda Research hedge fund as well as buy real estate on behalf of himself and his family. He is being prosecuted by the Southern District of New York and faces a maximum of 115 years in prison if convicted.

If Bankman-Fried doesn’t get bail in New York, he is likely to be locked up Brooklyn’s notorious Metropolitan Detention Center as he awaits trial.

With Post wires

[ad_2]

Source link

Author

Comments are closed.