Sam Bankman-Fried, the founder and former CEO of troubled cryptocurrency exchange FTX, will not challenge the US extradition process and will face a range of criminal charges, according to media report.
Sam is expected to tell a court in the Bahamas on Monday he will no longer contest extradition to the United States, where he is facing criminal fraud charges, Reuters reports citing an unnamed source.
Earlier this week, Bankman-Fried was arrested in the Bahamas and slapped with fraud charges. Before his arrest, in numerous interviews following FTX’s implosion last month, the 30-year-old denied knowingly committing fraud or breaking the law.
A U.S. grand jury charged him with committing or conspiring to commit fraud on FTX’s customers and lenders plus counts of money laundering.
The Securities and Exchange Commission is charging the disgraced crypto entrepreneur with defrauding investors. The SEC also alleges Bankman-Fried used customer funds for political donations and to fund an extravagant lifestyle.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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