The creator of FTX, Sam Bankman-Fried, has reportedly agreed to be extradited to the United States. As is well known, the entire crypto industry has been concentrating on SBF and FTX lately.
Investors who had put their money in FTX lost billions after the platform’s bankruptcy. As a result, the exchange filed for bankruptcy, and Sam Bankman-Fried gave up his position as CEO.
SBF was recently detained in the Bahamas. The SBF legal team first stated that they would resist the extradition, but the United States was demanding SBF’s extradition.
The long-standing question of whether extradition will be permitted or continued has now been resolved.
Details on the extradition of FTX founder Sam Bankman Fried to the United States
The documents for SBF’s extradition were signed on Tuesday, according to the Bahamas’ acting commissioner of prisons, Doan Cleare, who spoke to Reuters. They were also advised by a court representative that the SBF case hearing will take place on Wednesday at 11 AM (EST).
The Securities and Exchange Commission (SEC), the Department of Justice, and the Commodity Futures Trading Commission are bringing legal action against SBF. He is accused of numerous offences, including securities fraud and money laundering. The uncertainty surrounding his extradition to the United States will be cleared up by the recent report that has surfaced on the SBF decision.
Fried is also being detained in the Fox Hill jail in the Bahamas. He will probably be detained at the Metropolitan Detention Center in Brooklyn after being extradited to the US. Additionally, SBF is scheduled for a hearing within 48 hours after arriving in the nation.
But in addition to destroying SBF, the catastrophic collapse of the FTX exchange also rocked the cryptocurrency industry as a whole. In actuality, the market, which was only just beginning to bounce back after Terra’s collapse in May, did not anticipate the demise of one of the greatest cryptocurrency titans.
After SBF, the new FTX management found $1 billion in assets.
The new administration of FTX has reportedly discovered $1 billion in assets, including $720 million in cash, according to Coindesk. The report was released at the same time that the platform filed for bankruptcy due to allegations of criminal behaviour by its founder Sam Bankman-Fried and other top business leaders. Watcher. Guru also posted the news on Twitter with the following headline:
According to reports, the new management team behind FTX is attempting to gain access to the millions through hundreds of different bank accounts. According to comments made to creditors this week, the platform is seeking to remedy the bitcoin exchange’s financial issues.
The announcement was made this week at a procedural hearing after the US Department of Justice was permitted to withhold payments. Additionally, US-based institutions already have another amount of close to $500 million.
Cilia stated that Japan has blocked roughly $130 million. According to her, this is due to local restrictions that have set aside money for local clients. While there is still $6 million available for running costs.