Founder and former CEO of the collapsed crypto exchange FTX, Sam Bankman-Fried, has signed to necessary legal documents required to start the process of extraditing him to the United States.
SBF has signed the necessary paperwork to begin the process of extraditing him from The Bahamas to the United States according to reports by the New York Post. SBF is set to appear in court on Wednesday to commence the extradition process and according to CNBC, Bankman-Fried will also fly to the U.S. on Wednesday citing Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in The Bahamas where SBF has been detained following his arrest last week. SBF was arrested in The Bahamas, where he lives and where FTX was based, after a grand jury sitting in Manhattan indicted him for allegedly using customer funds to make up for losses at Alameda Research, FTX’s sister company, and SBF’s crypto hedge fund.
Reuters reports that SBF has acknowledged risk-management failures at FTX, but Bankman-Fried said he does not believe he has criminal liability in the matter. SBF initially indicated to a Bahamas court that he would contest extradition, but reports over the weekend said that he would reverse his decision.
SBF has been facing extreme scrutiny since early November when information about mismanagement of customer funds came to light and FTX completely collapsed. Damian Williams, a top federal prosecutor in New York City, said SBF’s actions have been “one of the biggest financial frauds in American history.” FTX was forced to declare bankruptcy on November 11 and SBF stepped down from his role as company CEO.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
