Sam Bankman-Fried, the embattled FTX founder and former CEO, is set to be extradited to the United States following the latest court hearing since his arrest earlier this month.
The former FTX CEO’s return to the US under the watch of law enforcement and eventual prosecution is all set.
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Judge approves Bankman-Fried’s extradition
Bankman-Fried, who has remained in custody in The Bahamas, reportedly signed papers waiving his right to a formal extradition on Tuesday. On Wednesday, he returned to court and the decision has been made.
According to a report by the Wall Street Journal, a judge has approved the Bankman-Fried’s extradition, setting in motion the next step in a case that sees the disgraced crypto “genius” face criminal charges that include wire fraud and money laundering.
SBF’s arrest followed the collapse of his cryptocurrency exchange after it ran into a liquidity crunch in late October. He initially embarked on a “tour” of the media, doing various interviews and seemingly not grasping the seriousness of what his actions at the now bankrupt crypto platform entailed.
His embezzlement of customer funds as he tried to save his other business Alameda Research led to losses of customer money running into billions of dollars.