Cryptocurrency Tycoon Sam Bankman-Fried Agrees to Extradition from Bahamas to US | Tech News

Sam Bankman-Fried has agreed to be extradited from the Bahamas to the United States.

this Soar An attorney for the cryptocurrency exchange founder read an affidavit in a court in Nassau on Wednesday confirming his client’s willingness to fly to New York.

As a result, the 30-year-old tycoon could be flown out as early as Wednesday afternoon local time to face a string of fraud charges.

Fry the banker The decision to grant extradition was motivated in part by a “desire to complete the client involved,” according to the affidavit dated Dec. 20.

Bankman-Fried, wearing a suit, took to the witness stand and told the judge: “Yes, I do wish to waive my right to have this formal extradition proceeding.”

His lawyer told the judge his client was “eager to leave”.

After the statement, the hearing was adjourned.

Sam Bankman-Fred
Bankman-Fried appeared Wednesday in Nassau, did not contest extradition

Officials from the FBI and the U.S. Marshals Service have arrived in the Bahamian capital, according to a person familiar with the matter.

It is unclear when Bankman-Fried left the Bahamas for New York.

Federal prosecutors in Manhattan last week charged cryptocurrency The tycoon stole billions of dollars in FTX client assets to cover losses at his hedge fund Alameda Research in what U.S. Attorney Damian Williams called “one of the largest financial frauds in U.S. history.”

Bankman-Fried was arrested last week in the Bahamas, where he lives and where FTX is headquartered, following a U.S. extradition request.

He initially said he would oppose extradition, but reports over the weekend suggested he would reverse that decision.

Bankman-Fried acknowledged FTX’s risk management failures, but said he does not consider himself criminally responsible.

His personal fortune is thought to have swelled to $20bn (£16.2bn) at the peak of the deal, but has since reportedly shrunk to $100,000 (£83,000).

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How FTX founder Sam Bankman-Fried went from a £21bn empire to being accused of fraud

Ahead of Wednesday’s hearing, Bankman-Fried’s expected extradition follows a baffling series of events this week.

Wearing a blue blazer and a white shirt, Bankman-Fried arrived at the courthouse in a black van marked “Corrections” on Monday following news reports that he had agreed to be extradited.

At the hearing, his local defense attorney, Jerone Roberts, said he had not been informed of the purpose of the lawsuit.

After a brief adjournment, Mr Roberts said his client had seen an affidavit outlining the charges against him but wanted to obtain the full indictment before agreeing to extradition.

The program then pauses. They were expected to resume Tuesday morning, but Bankman-Fried’s legal papers were not filed in time.

Bankman-Fried rode the crypto boom to become a billionaire and influential U.S. political donor several times before the FTX debacle destroyed his fortune and damaged his reputation.

A wave of customer withdrawals led to the crash amid fears that funds would be mixed with Alameda.

cryptocurrency exchange declare bankruptcy On November 11, Bankman-Fried resigned as CEO on the same day.

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