Friday, March 29, 2024
spot_imgspot_imgspot_imgspot_img
HomeNewsFTX boss to be extradited to US over fraud charges

FTX boss to be extradited to US over fraud charges

The founder and CEO of the failed cryptocurrency exchange FTX, Sam Bankman-Fried has agreed to be sent to the United States to face fraud charges.

According to BBC, the 30-year-old American who lives in the Bahamas has been accused of committing “one of the biggest financial frauds in US history.”

A source close to Bankman-Fried who has repudiated the allegations said Bankman-Fried had agreed to be extradited.

According to report FTX has filed for bankruptcy, leaving many people unable to withdraw funds. According to a court filing, FTX owed its 50 largest creditors almost 3.1billion dollars.

Among the most serious allegations against him is that he used billions of dollars of customer funds to prop up his investment trading company Alameda.

Last week, Damian Williams, the US Attorney for the Southern District of New York, said Bankman-Fried was accused of one of the largest frauds in US history.
The FTX founder was also accused of using “tens of millions” in ill-gotten gains for illegal campaign contributions to Democrats and Republicans alike.

The Securities and Exchange Commission said the man who was formerly nicknamed the “King Of Crypto” had built a “house of cards on a foundation of deception.” VANGUARD

Procyon News

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

sildenafil generic australia on Abandoned IDP Camp Discovered In Kaduna
Daniel Grace on WORLD DOWN SYNDROME DAY
Danjuma Saddiq on THE CONSPIRACY IN SOKOTO
Yakkon Damaryam on The War against Glaucoma
Shehu Danbaki on IMG-20181125-WA0070
Seth Yamusa on Hon Danjuma Peter Averik
Ibraheem Awowole on MEET OUR PATHFINDER FOR OSUN 2018
Amb. Hoom'Suk. on Sarauniya Beauty Pageant 2017