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Former FTX Boss Extradited to US, as Former Colleagues Plead Guilty

Steve Miley trader
Updated 22 Dec 2022

Sam Bankman-Fried has been extradited to the United States, as two of his former colleagues have pleaded guilty to their roles in the collapse of the huge cryptocurrency exchange, FTX. This comes as FTX is trying to claw back previous donations made by the company to charities, celebrities, and politicians.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Sam Bankman-Fried is Extradited to the US

Sam Bankman-Fried, commonly known as SBF, the founder and former CEO of FTX has been extradited to the US from The Bahamas. The 30-year-old has now arrived in New York and faces criminal charges for his part in the collapse of the world’s second largest cryptocurrency exchange, FTX. He faces allegations for his part in what US authorities have described as “one of the biggest financial frauds in US history.” SBF is thought to be possibly appearing in court later today (Thursday) and currently denies the allegations made against him. According to an affidavit from 20th December, Bankman-Fried had decided to agree to the extradition partly out of a “desire to make the relevant customers whole.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Two associates of SBF plead guilty to fraud charges

Two associates of Sam Bankman-Fried have pleaded guilty to criminal charges that are related to the collapse of FTX. According to US Attorney Damian Williams, the co-founder of FTX, Gary Wang and the former chief executive of Alameda Research (a trading firm started by SBF), Carolyn Ellison, pleaded guilty to charges “related to their roles in the fraud that contributed to FTX’s collapse.

FTX Trying to Recover Donations

The collapsed crypto exchange, FTX, has begun to attempt to recover payments made by previous management to celebrities, charities, and politicians, as US bankruptcy proceedings continues to progress. In a statement, FTX stated that the company “intends to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced” adding “Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX contributor does not prevent the FTX debtors from seeking recovery from the recipient or any subsequent transferee.”


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.