Sam Bankman Fried was arrested in the Bahamas on 13th December after the US informed the authorities there that he had 8 criminal charges against him. He was also denied bail after multiple attempts and was deemed to be a flight risk. Sam initially planned to fight the extradition to the US, but the poor jail condition in the Bahamas made him budge. And now SBF is flying to the US today (21st December 2022) to face criminal charges.
Sam is finally coming back to the United States
The Action commissioner of correction in the Bahamas has confirmed that Sam will fly to the US in a federal aircraft. He has already signed the extradition papers and will soon reach the United States. This has been confirmed by the Bahamas prison as well. SBF’s team is also not expecting any further hiccups in the process. He was recently seen being escorted out of the Bahamas court on 19th December.
Sam doesn’t look like he is in good condition in this picture. However, he and his local attorney are still creating problems, creating much confusion in the Bahamian court.
Once Sam comes back to the US, he will face 8 charges which include wire fraud, money laundering, securities fraud and many more, all related to the downfall of FTX. It is not clear whether he will get bail once the court proceedings start in the US.
SBF swindled almost $10 billion in customer assets
The collapse of FTX happened when customers started withdrawing their holdings which caused a liquidity crunch. It was found out that SBF has been doing all kinds of things with customer money, like purchasing real estate, risky margin trading, making political donations, living a lavish lifestyle, giving money to friends and family, doing charity, and whatnot!
The current CEO of FTX, John Ray, has clearly said while investigating the platform that he has never seen such a “complete failure of corporate control”. There were no bookkeeping measures, and the company’s records do not exist. It is the worst bankruptcy case he has ever seen.
What do you think changed as SBF is flying to the US? And do you think he will get bail while court proceedings continue? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: Vitalik Buterin reveals 3 major opportunities in the crypto space in 2023.
