Sam Bankman-Fried, the former CEO of the defunct FTX cryptocurrency exchange, has been extradited to the US to answer to allegations of fraud.
The 30-year-old former billionaire is wanted in the Southern District of New York after being detained in Nassau, Bahamas, earlier this month. According to US authorities, he was extradited on accusations of committing “one of the worst financial scams in US history.”
Bankman-Fried was detained by members of the Financial Crimes Investigation Unit at his Albany apartment complex for a number of financial offences that violate both Bahamas and US law.
Last year, FTX relocated its headquarters from Hong Kong to Nassau, where it is registered as FTX Digital Markets Ltd. The US bankruptcy filing of FTX prevented many users from withdrawing their money. A court document stated that FTX owed its fifty top creditors close to US$3.1 billion.
There were an estimated 1.2 million registered users of FTX who were actively using the exchange, but many are now left to wonder whether they will ever be able to retrieve the money they had stored in FTX’s virtual wallets.