If we are to trust Reuters sources, Sam Bankman-Fried, the fallen CEO of FTX, will not challenge his extradition to the United States. In America, he faces a trial that may end up in prison for years. In a way that is of course very sad, but on the other hand it has destroyed the savings of millions of people.
Exclusive: Sam Bankman-Fried to reverse decision on contesting extradition source https://t.co/a9jKScaKcz pic.twitter.com/h7Dpq7lfzl
— Reuters World (@ReutersWorld) December 17, 2022
Extradition decision on Monday
Bankman-Fried is expected to make it clear to the judge in the Bahamas on Monday that he will not oppose the extradition. He therefore faces a criminal trial there on the basis of multiple charges for fraud. Earlier this week, Bankman-Fried was arrested in the Bahamas and told what charges he is facing.
The US Grand Jury indicts Bankman-Fried for committing and preparing fraud against FTX’s clients. In addition, there is a possible money laundering element in the case. The Securities and Exchange Commission (SEC) is prosecuting Bankman-Fried for committing fraud against its investors.
The SEC also accuses him of using customer funds for political donations and to fund an extravagant lifestyle. All in all, it is enough to throw the entrepreneur behind bars for a long period of time.
Former FTX CEO 115 years in prison?
If the judge rules that Bankman-Fried is guilty on all charges, he faces up to 115 years in prison. There is a good chance that he will not survive. Bankman-Fried is currently behind bars at Fox Hill, a prison in the Bahamas.
There he awaits his extradition to the United States. All in all, it is of course a sad story that almost only knows losers. The only bright spot is perhaps that this has brought down a stock exchange platform that did not comply with the rules.
Selling paper bitcoin naturally ensures that the scarcity of 21 million bitcoin is not respected. If more platforms act that way, we can buy bitcoin until we weigh ourselves, but then the price will not go up.