FTX’s Bankman-Fried Returns to Jail After Hearing

FTX founder, Sam Bankman-Fried is currently wanted in the United States on fraud charges after the collapse of the FTX cryptocurrency group.

A week after Bankman-Fried was arrested in Nassau, United States, the local media reported that he was preparing to accept extradition to stand trial in New York.

Bankman-Fried was spotted appearing at the Nassau magistrate court coming from the Fox Hill Prison. He then left the court three hours later without any comments from him or his lawyers.

Based on local news such as the Nassau Guardian, the magistrate Shaka Serville, allowed Bankman-Fried to talk to his US attorneys via phone before being sent back to prison.

After going back to prison, Bankman-Fried was noted by local news to cite local attorneys saying that he had agreed to be voluntarily extradited to the United States.

If Bankman-Fried chooses to fight this extradition to the United States, he would be scheduled for a hearing in early February of next year.

A week ago, the US Justice Department and the Securities Exchange Commission (SEC) has filed civil and criminal charges against Bankman-Fried saying that he cheated investors and misused funds relating to FTX customers.

FTX gained popularity in 2019 and went on to become one of the leading players in the cryptocurrency industry, with its base in the Bahamas.

Back in November, a media report showed that Alameda’s balance sheet was heavily built on FTT currency and exposed Bankman-Fried’s companies being dangerously interlinked.

Source: Philstar