FTX Founder to have Donation Charges Dropped

Having this indictment dropped, FTX founder Sam Bankman-Fried, also known as SBF, would face a total of 12 charges.

Sam Bankman Fried, the former CEO of the troubled firm FTX, could possibly be allowed to be charged with one less lawsuit regarding his infamous manipulation of the crypto market.

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Failure to Extradite FTX Founder

According to the reports, in a letter sent by the U.S. Attorney Damian Williams told District Court Judge Lewis Kaplan on July 26, the government received notification by the government of the Bahamas that they failed to agree to extradite Bankman-Fried on the basis of the accusation, and as a result, prosecutors were not to go ahead with the case to trial.

What the Letter Says

The letter reads: “The Bahamas did not intend to extradite the defendant on the campaign contributions count,” it continues: “In keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.”

FTX Founder to Face 12 Counts

Notably, Bankman-Fried had earlier asked the court to throw out the accusations given that they were brought after receiving an extradition agreement from the Bahamas, which violated a treaty between the two nations. Right now, he is facing 13 counts, eight of the charges that were unsealed in December. In February and March 2023, five new accusations were added in additional charges.

Having this indictment dropped, he would face a total of 12 charges, including claims of fraud and fraud conspiracy, money laundering, and bribing Chinese authorities. 

Contribution to Political Parties

Bankman-Fried was previously an established fundraiser and contributor to US political entities. During the 2022 elections, he has been reported to have contributed approximately $40 million to Democratic-aligned political committees and organizations in the United States.

Meanwhile, John Ray, the current FTX CEO, stated at the end of last month that the company has initiated the process of contacting potential collaborators for the return of the FTX.com exchange. Previously, the new CEO of the bankrupt bitcoin exchange discussed relaunching the company at the start of the year.

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