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Sam Bankman-Fried to face charges in US

Photo Credit: BBC

The former boss of failed cryptocurrency exchange FTX, Sam Bankman-Fried, has arrived New York from the Bahamas to face fraud charges.

US authorities say, the 30-year-old was extradited on suspicion of committing “one of the biggest financial frauds in US history”.

Mr Bankman-Fried, who denies the allegations, may appear in court later on Thursday morning.

Two of his former associates have pleaded guilty to related charges.

Attorney for the Southern District of New York Damian Williams, announced that FTX co-founder Gary Wang and Caroline Ellison, former head of cryptocurrency trading firm Alameda Research, were both charged with “roles in the frauds that contributed to FTX’s collapse”,

They are both now cooperating with the Southern District of New York, he said in a video as court documents were released.

A lawyer for Mr Wang said his client had accepted responsibility for his actions and took seriously his obligations as a cooperating witness.

“Samuel Bankman-Fried is now in FBI custody and is on his way back to the United States,” Mr Williams said.

“He will be transported directly to the Southern District of New York and he will appear in court before a judge in this district as soon as possible.”

Writing by Chinasa Ossai; Editing by Muzha Kucha