Ex-head of crypto exchange FTX doesn’t contest US extradition – BLOX

Sam Bankman-Fried, the founder and former director of FTX, is expected to tell a court in the Bahamas on Monday that he will not challenge the extradition to the United States.

From the Bahamas to the United States

In the United States, he is accused of fraud, but Reuters written citing an unnamed source that Bankman-Fried still wants to meet his fate on his native soil.

Tuesday, December 13, Bankman-Fried stopped in the Bahamas. Why there? His former crypto exchange FTX is located in the Bahamas and SBF lives there with many colleagues. According to Reuters, he is currently behind bars in Fox Hill prison after a judge denied a request to stay at home pending an extradition hearing.

“The Bahamas and the United States have a common interest in holding accountable anyone associated with FTX who may have violated the public trust and violated the law,” said Bahamas Prime Minister Philip Davis. .

Fraud and money laundering

When he was captured on Tuesday, it was an open secret that it was in the name of the United States. US prosecutors also weren’t entirely clear what the charge should be, at least it hasn’t been made public yet.

eventually became familiar that a US grand jury charged him with committing or conspiring to commit fraud against FTX customers and lenders, as well as money laundering.

A grand jury in the United States is a jury of 12 to 23 people who, under American criminal law, decide behind closed doors whether the evidence gathered by the prosecutor justifies the charge of a crime.

Use of customer money for political donations

The Securities and Exchange Commission accuses the disgraced crypto executive of defrauding investors. The SEC also alleges that Bankman-Fried used his clients’ money for political donations and to finance an extravagant lifestyle.

Bankman-Fried is one of the biggest political donors in American politics, but he has been accused of breaking campaign finance laws. He allegedly illegally contributed millions of dollars to political candidates and activist groups.

His donations to the Democratic Party are approximately 40 million dollars and in his own words he gave the same amount to Republicans.

Influence with Republicans and Democrats

In the load states that Bankman-Fried falsely reported political contributions that actually came from Alameda Research, an investment firm he controlled, using client money. The donations therefore do not come from him. He also allegedly donated under other people’s names and that is apparently also illegal.

“These contributions were disguised to give the impression that they came from wealthy co-conspirators, when in fact the contributions were funded by Alameda Research with money stolen from clients,” the prosecutor said on Tuesday. Damian Williams at a press conference.

“All that dirty money was used in service of Bankman-Fried’s desire to buy bipartisan influence and influence the direction of public policy in Washington.”

If convicted of all criminal charges, Bankman-Fried could face up to 115 years in prison.