Former FTX CEO Sam Bankman-Fried might not appeal his extradition to the United States, according to sources, who spoke to different outlets. The former CEO faces multiple charges in the nation, according to court filings, on Monday. The collapse of FTX and the filing of bankruptcy has decimated the fortunes of approximately a million people, many of whom were small time traders. The crypto exchange reportedly used customers’ funds to prop up its trading arm Alameda Research. It also bought real estate in Bahamas and its employees reportedly lived a lavish lifestyle using company funds.
Sam Bankman-Fried was arrested in the Bahamas and imprisoned after US authorities formally notified the Bahamian authorities that he had been charged with defrauding investors out of funds amounting to $1.8 billion. He is also expected to be extradited to the nation. Earlier, it was said that SBF, as he is often called, had planned to appeal the extradition. Now, it has been reported that he might not appeal it.
Although no reason has been given for the change of heart, certain incidents have taken place in the Bahamas that might have possibly influenced the change.
SBF has been held in the notorious Fox Hill Prison. This location is said to be infested with rats and maggots. One prison warden reportedly said that it was “not fit for humanity.”
On Wednesday, the fallen mogul reportedly spent a night at the infirmary at the prison in Nassau. Human rights officials have reportedly condemned this facility as it offers its inmates facilities that are considered to be inadequate and unsanitary.
SBF has reportedly made two attempts to be granted bail but was unsuccessful. A source familiar with the matter told Reuters that a magistrate judge in the Caribbean county ordered that SBF was to be held in remand until he was potentially extradited to the U.S.
SBF is the first executive to be charged for fraud and more. Some former executives in the team such as Rick Salame, co-CEO, Gary Wang, chief technology officer, Nishad Singh, director of engineering and former CEO of Alameda Caroline Ellison, who was also reportedly SBF’s girlfriend, might also face charges in future as some of them have availed company loans and more and their role in the FTX collapse might emerge, as investigations continue. WebFans are watching for more news about the crypto saga king future.
Sam Bankman-Fried and a host of celebrity stars are facing a civil suit by investors and FTX customers as they are being held responsible for the $11 billion loss.
The names including celebrities listed in the filing are as follows:
Sam Bankman-Fried
Tom Brady
Gisele Bundchen
Stephen Curry
Golden State Warriors
Shaquille O’Neal
Udonis Haslem
David Ortiz
William Trevor Lawrence
Shohei Ohtani
Naomi Osaka
Lawrence Gene David and
Kevin O’Leary.
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