Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, is being extradited to the U.S. to face federal fraud charges related to the misappropriation of billions of dollars of customer funds, Bahamian officials said Wednesday.
while repaying billions in loans owed by Alameda Research, a cryptocurrency hedge fund that he also founded, according to court documents.
The California man is charged with two counts of wire fraud conspiracy, two separate counts of wire fraud, and one count of conspiracy to commit money laundering.Bankman-Fried also is charged with conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to defraud the United States and commit campaign finance violations, each of which carries a maximum sentence of five years.
According to the SEC court complaint, Ellison the former chief executive of Alameda Research, furthered the alleged fraud scheme by following Bankman-Fried's instructions to manipulate the price of FTT, an FTX-issued crypto security token. Wang, an FTX co-founder and former chief technology officer, created FTX’s software code that allowed Alameda to divert FTX customer funds, and enabled Ellison to misappropriate FTX customer funds for Alameda’s trading activity, the
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