Judge Approves Sam Bankman-Fried’s Extradition to United States – Crypto News – Crypto News
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Judge Approves Sam Bankman-Fried’s Extradition to United States – Crypto News

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According to latest reportsFTX founder Sam Bankman-Fried is headed back to the United States to face criminal charges over the collapse of his crypto exchange, after a judge approved his extradition from the Bahamas. In an affidavit that was read aloud in court on Wednesday, Bankman-Fried stated that he had “a desire to make the relevant customers whole” and that he had agreed not to challenge his extradition.

SBF’s Extradition To United States

To answer allegations of wire fraud, securities fraud, money laundering, and a violation of campaign finance laws, the SBF might fly into New York as early as Wednesday afternoon.

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He will be charged after arriving at the Federal District Court in Manhattan, however, the actual day and time of the hearing are still unknown. The accusations come as a result of FTX’s infamous collapse, which went insolvent last month.

Read More: SBF Blames FTX Bankruptcy Decision On ‘Pressure And Stress’

In court, Mr. Bankman-Fried stated that he was “doing well” to the magistrate judge, Shaka Serville. When Mr. Bankman-Fried was asked whether or whether he was in good health, he replied, “Yes.”

Eight Counts Of Criminal Charges

As reported earlier on CoinGape, the 30-year-old crypto tycoon is facing eight felony counts from federal prosecutors in the Southern District of New York, including charges of conspiracy, fraud, and money laundering.

He has maintained that he didn’t mean to commit fraud and that he was unaware of all the details at Alameda Researchhis crypto hedge fund that is accused of gambling with customer deposits.

The Sam Bankman-Fried Saga

The unexpected seesaw over the extradition was a fresh twist in the legal drama that began in early November, when a run on deposits uncovered an $8 billion shortfall in FTX’s accounts, The controversy began when the exchange attempted to limit customer withdrawals and eventually disable it without any prior announcements.

Read More: Is Shiba Inu Coin (SHIB) Finally Ready For The Big 2023 Rally?

Also, prosecutors and US regulators allege that since the founding of ftx in 2019, Sam Bankman-Fried has masterminded a massive fraud. Where he has been found using customer funds to finance extravagant real estate purchases in the Bahamas, investments in other companies, political contributions, and a glamorous marketing campaign.

Also Read: Binance’s Mysterious Trades Worth $22 Trillion Found in Latest Analysis

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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