Business
FTX founder could be sent to US after extradition hearing
NEW YORK -- Sam Bankman-Fried is back in a Bahamian court Wednesday for an extradition hearing that could clear the way for the one-time billionaire to be sent to the U.S. to face criminal charges related to the collapse of Cryptocurrency exchange FTX.
In a court in Nassau, Bahamas, on Monday, Bankman-Fried’s lawyers said he had agreed to be extradited to the U.S., but the necessary paperwork had not yet been written up. If approved, Bankman-Fried could be on a plane to the U.S. as early as Wednesday afternoon.
Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.
The 30-year-old could potentially spend the rest of his life in jail.
Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, is being held in the Bahamas' Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.
Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.
-
Business17h ago
The Big Climate Costs That Lie Just Below the Surface
-
Business22h ago
Your Mobile Phone SIM Plan: A Tool for Building Credit!
-
Business1d ago
Passover notes from Rome – Chef Walter Potenza
-
Business1d ago
Walmart Rolls Out Major Changes For In-Person Customers. See What Stores Are Impacted
-
Business1d ago
Supreme Court appears open to Starbucks’ claims in labor-organizing case
-
Business1d ago
Protium marks one-year milestone in inexperienced hydrogen manufacturing
-
Business1d ago
The QI Group Story: From Humble Beginnings to Global Reach
-
Business1d ago
Rhode Island Weather for April 23, 2024 – John Donnelly