Extradition Mission – FTX’s “SBF” May Leave Bahamas 👮‍♂️

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Extradition Mission – FTX’s “SBF” May Leave Bahamas

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is set to be extradited to the US to face criminal charges. Bankman-Fried has been indicted on eight counts, including fraud and conspiracy, in relation to the collapse of FTX. He is accused of using billions of dollars of FTX customers’ funds for personal use and repaying loans owed by his crypto hedge fund, Alameda Research. He is also alleged to have defrauded lenders and investors by hiding his misuse of customer funds and making illegal political contributions funded by Alameda; disguising the true source of the funds to evade reporting requirements and contribution limits. Bankman-Fried has admitted responsibility for FTX’s collapse but denies committing fraud.

​​​​Bankman-Fried’s extradition plans were discussed in a court hearing on Monday, during which his local lawyer, Jerone Roberts, appeared to be at odds with his US legal team. Roberts agreed to draft the necessary documents after speaking with Bankman-Fried and his US lawyers but said he needed to review documents, including the US indictment, before his client could decide whether to waive any objections to his transfer to the US. The judge granted a request for Bankman-Fried and Roberts to confer with Bankman-Fried’s US lawyers. If extradited, Bankman-Fried is expected to appear in federal court in New York, where he will be arraigned and enter a plea. He may initially be held in federal jail, although his lawyers could apply for him to be released on bail. The case has been assigned to US District Judge Ronnie Abrams.

What do you think about the extradition? And will SBF be jailed in the US?

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