Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has agreed to be extradited to the United States to face fraud charges. In an affidavit submitted to a court in The Bahamas, where Bankman-Fried is currently located, he stated that he wishes to waive his right to extradition proceedings and will willingly be flown to the US as soon as possible.
This news comes after the US Department of Justice indicted Bankman-Fried and four others for their involvement in an alleged fraudulent scheme involving the sale of unregistered securities. The charges carry a maximum sentence of 20 years in prison.
Bankman-Fried, a well-known figure in the cryptocurrency industry, served as CEO of FTX from 2018 until his resignation in January of this year. The exchange, which is headquartered in Hong Kong, has become one of the largest and most influential in the industry, with a reported daily trading volume of over $5 billion.
It is unclear at this time when Bankman-Fried will be transported to the US or when his trial will take place. We will continue to follow this story and provide updates as more information becomes available.
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