It remains unclear whether the former CEO and co-founder of FTX, SBF will fight for his extradition or decide to pursue legal action in the Bahamas. However, reports indicate that he will agree to be extradited.
Bankman-Fried will likely appear in court today to overturn his decision not to be extradited to the United States. Last Tuesday, his bail request was rejected by a Bahamian judge on the grounds that he “presents a flight risk”.
What happens next?
If SBF agrees to his extradition, he will be transferred to the United States in what could take a few weeks. He will then appear before the American court and judge. His bail hearings will further be decided by them.
SBF is currently being tested in the Bahamas, where FTX was based.
The former CEO of FTX, SBF is facing a total of 8 different charges by federal prosecutors in New York. If the punishment for all were to be pronounced, it would lead to 115 years of imprisonment. However, SBF is likely to get a lesser prison sentence.
Also Read: Kevin O’Leary Shows Unwavering Support for Bankman-Fried Through Latest Tweet
Apart from this, he has also been accused by US market regulators of defrauding investors and clients by giving them false data and false hopes. As they put it, “he built a house of cards on a foundation of deception while telling investors it was one of the most secure buildings in crypto.”
SBF is also accused of misappropriating client funds for the benefit of its organization and FTX’s sister company, Alameda Research. He defended himself by tweeting that he hadn’t been very involved with Alameda in the past two years.
He is also accused of providing false information to customers about Alameda’s financial conditions.
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