Sam Bankman-Fried, the man behind the defunct cryptocurrency exchange FTX, has agreed to be extradited to the U.S. to face fraud charges.
The BBC reports that a U.S. citizen living in the Bahamas, age 30, is suspected of being behind “one of the biggest financial frauds in U.S. history.”
According to a person close to Bankman-Fried who has denied the claims, Bankman-Fried has given their consent to be extradited.
Due to the bankruptcy filing, many customers cannot access their funds, as reported by NewsXtra. A court filing revealed that FTX owes about $3.1 billion (£2.5 billion) to its 50 top creditors.
Bankman-Fried was arrested on December 12; however, the timing of his extradition to the United States was unclear when this story was published.
One of the most significant charges against him is that he used customers’ billions of dollars to prop up his investment trading firm, Alameda.
Southern District of New York US Attorney Damian Williams claimed last week that Bankman-Fried was accused of committing the largest fraud in American history.
Williams claimed that the FTX founder illegally donated “tens of millions” to the Democratic and Republican parties.
The man who was formerly known as the “King Of Crypto” was accused by the Securities and Exchange Commission of building a “house of cards on a foundation of deception.”