When the Bahamas Legal professional Common’s workplace introduced that it had arrested former FTX CEO Sam Bankman-Fried, it famous that the previous FTX CEO was more likely to be extradited on the request of the US. Simply over every week later, that prediction has come true: Bankman-Fried signed extradition papers on Tuesday afternoon.

In keeping with an unsealed indictment, Bankman-Fried is facing 8 counts of conspiracy to commit wire fraud, commodities fraud, securities fraud, and extra. Particularly, the SEC accuses the cryptocurrency founding father of “orchestrating an enormous, years-long fraud” for “his personal private profit and to assist develop his crypto empire.” The Division of Justice has accused him of trying commodities and securities fraud, conspiring to defraud traders and breaking federal election legal guidelines for donating extra to political teams than is legally allowed.

Bankman-Fried originally planned to fight extradition, however indicated on Monday that he would reverse course. Now, he will likely be returning to the US to face these costs, a call that is perhaps simpler on him within the quick time period. When the previous CEO was first arrested within the Bahamas, he was denied bail and deemed a flight risk. In the US, it is potential he might be launched on bail.

Bankman-Fried has beforehand stated that he “did not ever attempt to commit fraud,” and doesn’t believe he’s criminally liable for the autumn of FTX. The New York Occasions reviews {that a} defense lawyer representing Bankman-Fried within the Bahamas says that he is returning to the US as a result of he “needs to place the purchasers proper, and that’s what has pushed his choice.”

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