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FTX chief Bankman-Fried to accept US extradition

FTX chief Bankman-Fried to accept US extradition

[1/2] Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building after his arrest in Nassau, Bahamas December 13, 2022. REUTERS/Dante Carrer

Cryptocurrency tycoon Samuel Bankman-Fried arrived at Bahamas magistrate court Monday where he could move to accept extradition to the United States to face charges over the multibillion-dollar collapse of his FTX group.

Bahamas television showed Bankman-Fried, once the wunderkind of the global digital currency world, arriving at the court in Nassau under heavy security after leaving a local jail, where he has been held since his arrest one week ago.

Local and US media reported that he is mulling reversing his decision last week to fight extradition and accept to be sent to the United States for trial.

His hearing is scheduled to begin around 11:00 am (1600 GMT), local media reported.

Last week the US Justice Department and the Securities and Exchange Commission (SEC) filed criminal and civil charges against the one-time crypto billionaire and media star, alleging that he cheated investors in FTX and misused funds that belonged to FTX customers.

FTX’s spectacular rise from 2019 to become a leading player in the virtual currency industry based in the Bahamas ended dramatically in November when the company and its sister trading firm Alameda Research collapsed into insolvency.

Bankman-Fried was arrested at his Nassau apartment one week ago at the request of federal prosecutors in New York.

He was charged in the United States with eight counts including conspiracy, wire fraud, money laundering and election finance violations.

Separately the SEC accused him of violating securities laws.

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