Sam Bankman-Fried extradited to the United States

Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, the CEO of the bankrupt FTX cryptocurrency exchange, was extradited to the United States on Wednesday evening. Initially, the ex-head of the platform said that he would appeal the extradition, but later, during the court hearing, he agreed to the procedure.

Last week, federal prosecutors in Manhattan charged the 30-year-old cryptocurrency tycoon with stealing billions of dollars worth of FTX clients' assets to cover the losses of his hedge fund, Alameda Research. U.S. Attorney Damian Williams called Fried’s deal «one of the largest financial frauds in American history.» At the end of the hearing, Benkman-Fried left the courthouse surrounded by armed guards with machine guns and got into a car. The Office of the Attorney General of the Bahamas confirmed Benkman-Fried's extradition in an official statement the same day.

The Office of the Attorney General of The Bahamas announced the extradition to the United States of Sam Bankman-Fried («SBF»), the former CEO of FTX. SBF will depart from The Bahamas for the United States tonight. pic.twitter.com/WttWmNpIw4

— Latrae L. Rahming (DOC)?? (@latraelrahming) December 21, 2022

During the hearing on Wednesday, December 21, Benkman-Fried's lawyer asked the court to adhere to the «special limits rule on criminal liability (or the „specialty rule“).» It is set forth in the extradition treaty between the Bahamas and the United States and warns that a person can only be tried for the charges for which he or she was extradited. As noted earlier, Benkman-Fried admitted to risk management failures at FTX, but said he did not believe he should be held criminally responsible.

The official indictment accuses Benkman-Fried of defrauding FTX clients since 2019. The ex-billionaire is also suspected of making tens of millions in illegal political donations to protect himself and his business. Earlier, there were rumors that the ex-CEO of FTX bribed US Democrats and that is why he remained at large. If the federal government brings charges of wire or bank fraud against Benkman-Fried, there is a high probability that the entrepreneur will be sentenced to life without the possibility of bail.