A Bloomberg report shows that the authorities are considering extraditing the former CEO of FTX, Sam Bankman-Fried, back to the United States amid ongoing concerns about his current location.
Law enforcement agencies in the United States and the Bahamas have reportedly been communicating about SBF as they inspect his possible involvement in the collapse of FTX. The Bahamian Securities Regulatory Authority and Financial Crimes Unit have begun an investigation into the collapse of FTX, with the goal of identifying any criminal activity on the part of the management related to the exchange. Sources claim that SBF has been helping the authorities in the Bahamas. It was reported earlier that FTX Bahamas has recently filed for Chapter 15 bankruptcy.
Despite the fact that none of the executives, including SBF, have been formally charged with any wrongdoing, many believe that SBF’s actions, together with those of FTX, constitute fraud.
According to a former deputy attorney general, the US Justice Department may file criminal charges against the former crypto billionaire as it has just begun a probe into the situation.
FTX Founder’s Possible Location
It has been reported that the 30 years old ex-executive has fled to South America, prompting discussions of possible extradition. A week ago, FlightRadar24 tweeted that SBF was flying from Nassau to Argentina. However, Argentina is not an ideal location to dodge American authorities. Later, SBF confirmed to Reuters that he is still in the Bahamas. The former executive, along with FTX co-founder Gary Wang and head of engineering Nishad Singh, was said to be in the Bahamas “under supervision” from the authorities there.
Notably, after filing for bankruptcy, Fried resigned as CEO of the FTX. The user base was the subject of his apology, in which he promised to “make them whole.” He expressed his inclination to assist FTX clients and meet with authorities.
Meanwhile, the cryptosphere is in turmoil after the FTX ‘event’ and some of the big names in the industry are criticizing SBF’s behavior and decisions made by him which eventually led FTX’s demise.