Sam Bankman-Fried seeks bail while extradited to US – Boston News, Weather, Sports

(CNN) – Sam Bankman-Fried reportedly signed documents Wednesday in the Bahamas that pave the way for his extradition to the United States.

Corresponding Reuters and CNBCDoan Cleare, Acting Commissioner of Corrections in the Bahamas, said the documents were signed Tuesday afternoon. Bankman-Fried, the founder of recently imploded crypto exchange FTX, was due to fly to the United States after appearing at a court hearing in Nassau at 11 a.m. Wednesday morning.

Federal prosecutors charged Bankman-Fried, 30, last week with defrauding investors and customers of FTX, which he founded in 2019. He faces life imprisonment if convicted on all eight counts of fraud and conspiracy.

He was arrested just over a week ago in the Bahamas, where FTX was based.

FTX and its sister trading house Alameda both filed for bankruptcy last month after investors withdrew their deposits from the exchange, sparking a liquidity crisis.

In the weeks since its bankruptcy, FTX’s new CEO has publicly stated that customer funds deposited on the FTX website have been mixed with funds at Alameda, which has been making a series of speculative, high-risk bets. The CEO, John Ray III, described the situation at the two companies as “Old-fashioned embezzlement” in the hands of a small group of “grossly inexperienced and undemanding individuals”.

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https://whdh.com/news/sam-bankman-fried-seeks-bail-deal-while-being-extradited-to-us/ Sam Bankman-Fried seeks bail while extradited to US – Boston News, Weather, Sports

Sarah Y. Kim

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