FTX Founder Sam Bankman-Fried to Be Extradited to US, Reports Say

Earlier, the US Department of Justice announced charges against Sam Bankman-Fried, the co-founder of bankrupt cryptocurrency exchange FTX. He was accused of conspiring to defraud crypto investors of billions of dollars in a scheme that allegedly led to FTX's downfall last month.

Sam Bankman-Fried will be extradited to the US from the Bahamas, according to US media reports. The 30-year-old trader is expected to appear in court on Wednesday morning to continue the extradition process.

Upon his arrival in the United States, Bankman-Fried will file in federal court within a day or two. The judge will then decide whether to grant him bail.

On Tuesday, Bankman-Fried signed his surrender documents, according to Bahamas Acting Commissioner of Corrections Doan Cleare.

Bankman-Fried faces a range of criminal charges in the US related to the collapse of the FTX crypto exchange.

Earlier this month, Bankman-Fried was arrested by law enforcement officers in the Bahamas at the request of US officials. Later, an unsealed indictment charged Bankman-Fried with wire fraud, securities fraud, money-laundering and campaign finance violations.

The indictment alleges Bankman-Fried schemed to misappropriate the deposits of FTX customers to pay the debts of his private research and trading arm, Alameda, from 2019 until FTX collapsed last month.

FTX filed for bankruptcy, leaving an estimated million creditors with losses worth billions of dollars.