• 14 July, 2024

FTX’s SBF Finally Extradited to the U.S. from Bahamas

FTX co-founder, Sam Bankman-Fried (SBF), world-famous for wrong reasons, has reportedly been extradited to the U.S.

Finally landing in the U.S. to get prosecuted against the federal charges of defrauding investors’ monies, SBF was escorted to New York in a U.S. government plane.

Sharing the breaking news, CertiKAlert tweeted:

CertiKAlert went on to state that Caroline Ellison (CEO, Alameda Research), and Gary Wang (co-founder FTX crypto exchange), would cooperate in the federal criminal case against SBF. Both of these alleged individuals have duly pleaded guilty to federal fraud charges.

Apart from the criminal charges, SBF also faces civil lawsuits falling under the purview of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

In total, the FTX scam-sparked customer losses amounted to over $8 billion, per the CFTC’s Gretchen Lowe.

Prior to landing in New York’s Westchester County Airport, SBF had agreed on his U.S. extradition while in the Bahamas.

In the extradition affidavit, he stated,

I hereby consent in writing to be extradited without formal extradition proceedings.

After Bankman-Fried’s extradition agreement signing, Magistrate Shaka Serville stated,

I therefore formally commit you to custody while you await your extradition

SBF confirmed his signature in the witness stand and acknowledged that his agreement to the extradition was voluntary.

Sam Bankman-Fried’s U.S. extradition was made possible by the Bahamian Foreign Ministry’s foreign minister signing a warrant of surrender.

The arrest of SBF in the Bahamas got initiated after the filing by federal prosecutors in New York of an eight-count indictment (alleging fraud and conspiracy).

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