Quick Take
- On Monday, the former Bitcoin billionaire will waive his right to extradition before a Bahamas court. This will allow federal officials to bring him home.
- In the event that he is found guilty, SBF might spend the rest of his life behind bars.
- Bahamian Jail Seems to be Tough for SBF. It made SBF Change his Mind Real Quick.
FTX, Bankman Fried’s bitcoin exchange, went bankrupt a month ago, vanishing with billions of dollars in customer holdings.
According to a person familiar with the situation, Sam Bankman-Fried, the founder and former CEO of FTX, has decided to reverse his position and no longer fight his extradition to the United States. This decision comes just a few days after he was remanded to a Bahamian jail for a hearing,
In New York, a court indictment against Bankman-Federal Fried included a total of eight counts, two of which were for securities fraud and the other for money laundering.
Just a few days after Sam Bankman-legal Fried’s team had planned to get ready to contest his extradition to the United States, the former crypto billionaire has reportedly changed his mind and will no longer oppose U.S. extradition,
FED targets Alameda Research
Monday in federal court in New York, Bankman-Fried was charged with wire fraud, securities fraud, conspiracy to defraud the United States, and money laundering. These charges were brought against Bankman-Fried.
Charges have also been brought against the former CEO of FTX by the Securities and Exchange Commission as well as the Commodity Futures Trading Commission in connection with similar allegations that he conspired to defraud FTX customers of billions of dollars
Federal regulators have accused the bitcoin hedge fund known as Alameda Research of using customer funds from FTX to engage in trading activities, which ultimately resulted in losses totaling billions of dollars.
