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Founder of bankrupt crypto exchange FTX denied bail, preparations for extradition to US

Sam Bankman Fried, the founder of FTX involved in major crypto exchanges, has not received bail in the Bahamas. This has increased the chances of him agreeing to be extradited to the US. FTX filed for bankruptcy last month. The exchange had allegedly tampered with customers’ funds.

Sam has been accused of fraud in America. A judge in the Bahamas court ordered him to be kept in custody till February 8. Earlier, Sam’s lawyer said that his client had not waived his right to extradition proceedings. “The extradition process can take a year or more. People generally don’t want to be in a prison in a foreign country,” said David Haas, an American attorney who has represented extradition cases. There was no response from Sam’s lawyer.

Sam was arrested in the Bahamas on Monday at the request of the US government. Authorities in the US and the Bahamas launched investigations against Sam after the exchange went bankrupt last month. Second largest international crypto exchange ftx had filed for bankruptcy early last month after running short of funds. Bahamas Attorney General Ryan Pinder said that Sam would be extradited after receiving information about the charges against him and making a formal request to the US authorities. FTX is headquartered in the Bahamas and since its bankruptcy, Sam has made the Bahamas his base.

America’s Richest Men Sam Has an estimated net worth of over $30 billion. Troubles for the exchange started last month when its balance sheet was questioned. After this the customers of the exchange tried to withdraw billions of dollars from it but most of them could not get their money. Sam secretly transferred nearly $10 billion of customers’ funds to his trading firm, Alameda Research. A large part of this fund has gone missing. Even before this, there have been cases of misappropriation of customers’ funds in some crypto firms.

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