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Judge Greenlights FTX Founder’s Extradition to US

Wed, 12/21/2022 - 18:41
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Alex Dovbnya
FTX founder Sam Bankman-Fried has agreed to be extradited to the United States
Judge Greenlights FTX Founder’s Extradition to US
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Sam Bankman-Fried, the founder of the crypto exchange FTX, will now be heading to the United States to face criminal charges related to the collapse of his cryptocurrency exchange, the Wall Street Journal reports

During court proceedings that took place on Wednesday, the 30-year-old's legal representative read out an affidavit in which it was noted that Bankman-Fried wished to make customers whole.

Bankman-Fried has maintained his innocence after stating he had no idea what had happened behind the scenes at Alameda Research, his crypto hedge fund linked to the missing customer funds. 

There was some confusion regarding plans for extradition when a clash between Bankman-Fried's local and US legal teams occurred over the weekend. Before ultimately consenting Monday after a conference call with both parties involved, his Bahamas lawyer refused to answer any questions.

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Bankman-Fried has been slapped with a litany of charges, which include fraud, conspiracy, and money laundering offenses. Bankman-Fried may face life in jail if found guilty of all charges. 

According to CNN, Sam Bankman-Fried's attorneys and federal prosecutors have taken action to reach an arrangement concerning the crypto mogul's bail. This will likely help him prevent state detention. 

While being at the helm of FTX, Bankman-Fried leveraged customer deposits to bail out the sister trading firm. John Ray III, the current CEO of FTX and Alameda, claimed that FTX was an “old-fashioned” embezzlement scheme. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at