FTX boss Sam Bankman-Fried arrives in US to face charges

admin

2 years ago

Sam Bankman-Fried, former boss of failed cryptocurrency exchange FTX, has arrived by plane in New York from the Bahamas to face fraud charges.

The 30-year-old was extradited on suspicion of committing “one of the biggest financial frauds in US history”, US authorities have said.

Bankman-Fried, who denies the allegations, may appear in court later on Thursday morning.

Two of his former associates have pleaded guilty to related charges.

FTX co-founder Gary Wang and Caroline Ellison, former head of cryptocurrency trading firm Alameda Research, were both charged with “roles in the frauds that contributed to FTX’s collapse”, Damian Williams, attorney for the Southern District of New York, announced.

They are both now co-operating with the Southern District of New York, he said in a video as court documents were released.

A lawyer for Wang said his client had accepted responsibility for his actions and took seriously his obligations as a co-operating witness.

“Samuel Bankman-Fried is now in FBI custody and is on his way back to the United States,” Williams said. “He will be transported directly to the Southern District of New York and he will appear in court before a judge in this district as soon as possible.”

“If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it,” he added. “We are moving quickly and our patience is not eternal.”