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Founder Sam Bankman-Fried of deposed crypto exchange FTX, who is currently imprisoned in the Bahamas, is ending his fight against extradition to the United States. This is what his lawyer said on Monday. US authorities charge Bankman-Fried with several criminal offenses and want to prosecute him in the United States.
FTX went bankrupt because the company did not have enough money to repay user credits. This is partly because the assets of FTX clients were transferred to the Alameda investment fund, which was also owned by Bankman-Fried. There they got stuck in investments.
Initially, Bankman-Fried attempted to challenge his extradition to the United States. That he agrees now goes against the advice of his lawyer in the Bahamas. His lawyer said so on Monday against, among other The New York Times.
Chaotic audience
This announcement was preceded by a chaotic hearing. The American entrepreneur initially indicated that he wanted more time to examine the charges against him. Later that day, he announced through his lawyer that he still wanted to be tried in the United States.
Bankman-Fried, 30, became a multi-billionaire thanks to a cryptocurrency boom in 2020 and 2021. Client funds he allegedly embezzled, Bankman-Fried invested in luxury real estate and campaign contributions for Democratic and Republican politicians who ran for office earlier this year, according to US officials in the midterm elections.
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