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FTX Chief Sam Bankman-Fried Could Fight Extradition From Bahamas

Bankman-Fried to be freed on bail
Source: Video Screenshot

Disgraced cryptocurrency tycoon Sam Bankman-Fried indicated Tuesday that he could fight extradition from the Bahamas after the US Justice Department obtained his arrest on fraud charges lodged in New York.

Bankman-Fried told a court in Nassau after his arrest on a US request that he would not waive his right to a hearing on extradition, local media reported from the court.

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

FTX’s spectacular rise from 2019 to being 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 Monday at the request of federal prosecutors in New York.

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

Separately the SEC accused him of violating securities laws.

“Today we are holding Mr. Bankman-Fried responsible for fraudulently raising billions of dollars from investors in FTX and misusing funds belonging to FTX’s trading customers,” the agency said.

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AFP

Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.







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