FTX boss Sam Bankman-Fried agrees to be extradited – Saudi Gazette

FTX boss Sam Bankman-Fried agrees to be extradited – Saudi Gazette

LONDON — Sam Bankman-Fried, the boss of the failed cryptocurrency exchange FTX, has agreed to be extradited to the US to face charges, the BBC understands.

The 30-year-old, who lives in the Bahamas, has been accused of committing "one of the biggest financial frauds in US history", US authorities have said.

A source close to Bankman-Fried, who denies the allegations, told the BBC he had agreed to be extradited.

FTX has filed for bankruptcy, leaving many people unable to withdraw funds.

According to a court filing, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).

It is not clear when Mr Bankman-Fried will be extradited to the US, following his arrest on 12 December.

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 Mr Bankman-Fried was accused 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, Mr Williams said.

The Securities and Exchange Commission said the man who was formerly nicknamed the "King Of Crypto" had