Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Bankman-Fried in US custody as FTX associates plead guilty to fraud

Bankman-Fried in US custody as FTX associates plead guilty to fraud

U.S. legislation enforcement officers on Wednesday took custody of Sam Bankman-Fried and had been flying him from the Bahamas to New York, the place prosecutors stated two associates of the FTX founder had now pled responsible to fees associated to the corporate’s collapse.

Bankman-Fried, founding father of the bankrupt FTX cryptocurrency group is needed within the United States after being charged with huge fraud, and on Wednesday he waived his proper to problem an extradition request, the Bahamas’ legal professional basic stated.

U.S. Attorney Damian Williams introduced on Wednesday night time that the FBI had taken the 30-year-old into custody and that he can be “transported directly to the Southern District of New York.”

Prosecutors final week had charged him with conspiracy, wire fraud, cash laundering and election finance violations. Williams additionally stated that two key figures within the case had pled responsible to fees associated to the FTX collapse and that they had been cooperating with investigators.

The fees come simply weeks after the three-year-old FTX and sister buying and selling home Alameda Research collapsed out of business, dissolving a digital buying and selling business that had been valued by the market at $32 billion.

Prosecutors allege Bankman-Fried cheated buyers in FTX, and misused funds that belonged to FTX and Alameda Research prospects.

“He was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and expand his crypto empire,” stated U.S. prosecutors.

Five of the eight counts in opposition to him carry a most sentence of 20 years in jail every.

Separately, the U.S. Securities and Exchange Commission (SEC) accused him of violating securities legal guidelines.

Williams, the federal prosecutor, stated that the 2 associates who pled responsible had been Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. “Their charges were related with their roles in frauds that contributed to FTX’s collapse,” he stated, however didn’t present additional particulars. Williams’s workplace didn’t reply to an Agence France-Presse’s (AFP) request for touch upon the costs.

Separately, the SEC and Commodity Future Trading Commission (CFTC) introduced Wednesday they’d filed civil fits in opposition to Ellison and Wang and that they had been cooperating, which ought to result in a extra lenient judgment in each instances.

The CFTC estimates that $8 billion in funds had been misappropriated from FTX buyer accounts.

Bankman-Fried, a Bahamas everlasting resident, spent the previous 9 days in Nassau’s Fox Hill jail, weighing his decisions earlier than telling the Nassau Justice of the Peace courtroom Wednesday that he wouldn’t battle extradition. According to U.S. media, his attorneys had been making an attempt to barter with U.S. justice authorities for his launch on bail.

The Daily Sabah Newsletter

Keep updated with what’s taking place in Turkey,
it’s area and the world.


You can unsubscribe at any time. By signing up you’re agreeing to our Terms of Use and Privacy Policy.
This web site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply