FTX Founder Sam Bankman-Fried , Agrees To Be Extradited to US.
Last week, Bankman-Fried was arrested in the Bahamas
after being indicted on eight counts of fraud and
conspiracy by federal prosecutors in New York.
Last week, Bankman-Fried was arrested in the Bahamas
after being indicted on eight counts of fraud and
conspiracy by federal prosecutors in New York.
ABC News reports that at a hearing in the Bahamas
on Dec. 19, Bankman-Fried ended up waiving his right
to challenge extradition to the U.S. for prosecution.
A U.S. government plane will
soon fly him back to America for trial.
The former FTX CEO also faces civil lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). .
According to Gretchen Lowe of the CFTC, customers lost over $8 billion because of Bankman-Fried. .
ABC News reports that many cryptotraders are afraid they'll never get their money back.
FTX's new CEO, John Ray, told House members last week that FTX's conduct under Bankman-Fried was similar to "old-fashioned embezzlement.".
I've never seen an utter lack of record keeping. Absolutely
no internal controls, John Ray, FTX CEO, via statement.
In November, Bankman-Fried said he
didn't know "there was any improper use of customer funds" while speaking with ABC News' George Stephanopoulos. .
In November, Bankman-Fried said he
didn't know "there was any improper use of customer funds" while speaking with ABC News' George Stephanopoulos. .
I really deeply wish that I had taken like a lot more responsibility for understanding what the details were
of what was going on there. A lot of people got hurt, and that's on me, Sam Bankman-Fried, via interview with George Stephanopoulos