Sam Bankman-Fried, the founding father of the crypto trade FTX, will now be heading to the US to face felony costs associated to the collapse of his cryptocurrency trade, the Wall Road Journal experiences. 

Throughout courtroom proceedings that passed off on Wednesday, the 30-year-old’s authorized consultant learn out an affidavit by which it was famous that Bankman-Fried wished to make prospects entire.

Bankman-Fried has maintained his innocence after stating he had no concept what had occurred behind the scenes at Alameda Analysis, his crypto hedge fund linked to the lacking buyer funds. 

There was some confusion relating to plans for extradition when a conflict between Bankman-Fried’s native and US authorized groups occurred over the weekend. Earlier than finally consenting Monday after a convention name with each events concerned, his Bahamas lawyer refused to reply any questions.

Bankman-Fried has been slapped with a litany of costs, which embody fraud, conspiracy, and cash laundering offenses. Bankman-Fried might face life in jail if discovered responsible of all costs. 

In keeping with CNN, Sam Bankman-Fried’s attorneys and federal prosecutors have taken motion to succeed in an association in regards to the crypto mogul’s bail. It will possible assist him stop state detention. 

Whereas being on the helm of FTX, Bankman-Fried leveraged buyer deposits to bail out the sister buying and selling agency. John Ray III, the present CEO of FTX and Alameda, claimed that FTX was an “old style” embezzlement scheme.