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watch nowFTX founder Sam Bankman-Fried was sent back to a Bahamas jail Monday after a reported plan for him to waive his extradition to the U.S. stalled. FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police Force at the Nassau, Bahamas, courthouse on December 19, 2022. The FTX founder arrived at Bahamian court in a convoy of police vehicles, heavily guarded, just after 10 a.m. Sam Bankman-Fried, founder of FTX, is escorted inside of the Magistrate's Court in Nassau, Bahamas, on Monday, Dec. 19, 2022. WATCH: Why Sam Bankman-Fried may decide to drop his fight against being extradited to the U.S.

☆ Sam Bankman-Fried is reportedly willing to be extradited to the US
▼ + stars: | 2022-12-19 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried is accepting extradition to the US, The New York Times reported. He is facing criminal charges in New York, where he would have to enter a plea once he arrives. His lawyer in the Bahamas, Jerone Roberts, said that Bankman-Fried is now willing to be extradited, according to The New York Times. It is still unclear what Bankman-Fried's next steps before the Bahamas court will be, and when he would leave for the US. A criminal indictment unsealed in New York federal court last week revealed that prosecutors charged Bankman-Fried with multiple counts of wire fraud and conspiracy.

☆ Analysis: After a day of courtroom bickering and confusion, SBF is coming home
▼ + stars: | 2022-12-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

The tl;dr version: It seems that SBF’s US lawyers worked out an agreement with Bahamian prosecutors to drop the extradition fight, which would have taken months, if not years, to play out. But SBF’s local defense lawyer, Roberts, said he wasn’t included in that plan, and claimed prosecutors wouldn’t share the US indictment with him. But then he was denied bail in the Bahamas, meaning he wouldn’t be able to fight extradition from the comfort of his luxury home. After a week of that, SBF is ready to face the music on US soil. To be sure, the federal detention facility in Brooklyn where SBF could end up while awaiting trial isn’t exactly the Ritz.

☆ FTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictment
▼ + stars: | 2022-12-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictmentCNBC's Kate Rooney joins 'The Exchange' to report on Sam Bankman-Fried heading back to jail in the Bahamas.

☆ How FTX founder SBF and friends quietly donated to political groups and relatives
▼ + stars: | 2022-12-19 | by ( Brian Schwartz | ) www.cnbc.com time to read: +10 min

FTX founder Sam Bankman-Fried is led by officers of the Royal Bahamas Police force following his arrest. The disgraced CEO donated to his brother Gabe Bankman-Fried's nonprofit organization, Guarding Against Pandemics. Alameda Research donated more than $12 million to Gabe Bankman-Fried's nonprofit since late last year, according to California state campaign finance records. California state campaign finance records show Alameda donated $5 million to Guarding Against Pandemics last year and $7.1 million this year. Guarding Against Pandemics also paid political communications and media company GMMB just over $690,000 last year for advertising and production, its tax form says.

☆ Why Sam Bankman-Fried may decide to drop his fight against being extradited to the U.S.
▼ + stars: | 2022-12-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Sam Bankman-Fried may decide to drop his fight against being extradited to the U.S.CNBC's Mackenzie Sigalos discusses the latest headlines in the FTX collapse, including sources saying founder Sam Bankman-Fried could agree to be transferred from the Bahamas to the U.S. to face criminal charges.

Nassau, Bahamas CNN —FTX founder Sam Bankman-Fried Monday morning arrived in court in the Bahamas where he is expected to drop his extradition fight, clearing a significant hurdle to return him to US soil to be prosecuted on multiple charges of fraud and conspiracy. Bankman-Fried had initially planned to fight efforts to return him to the United States. But after a week in Nassau’s notorious Fox Hill prison, he appears less interested in keeping up what would have likely been a yearslong battle to avoid extradition. The US State Department reported that conditions at Fox Hill, the Bahamian prison where Bankman-Fried has stayed since his arrest last Monday, are harsh. Bankman-Fried’s lawyer declined to comment on a timeline for his return to the United States.

FTX co-founder Sam Bankman-Fried is planning to consent to extradition to the U.S. to face criminal charges related to the cryptocurrency exchange’s collapse, people familiar with the matter said. Mr. Bankman-Fried has been in custody in the Bahamas since he was arrested on Monday in connection with a slate of U.S. criminal charges, which were unsealed a day later. Federal prosecutors in Manhattan have charged Mr. Bankman-Fried with fraud and money-laundering offenses, alleging he defrauded customers, lenders and investors. They also alleged he violated campaign-finance rules by making illegal political contributions.

☆ Sam Bankman-Fried appeared 'a little arrogant' and 'awfully scared' when he arrived at Bahamas prison but is now in 'good spirits,' official says
▼ + stars: | 2022-12-18 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +2 min

Disgraced FTX founder Sam Bankman-Fried is being held at the Fox Hill prison in the Bahamas. The facility is known for harsh conditions, including being overcrowded and understaffed,An unnamed official at the prison told The Washington Post Bankman-Fried seemed like a "nice guy." Bankman-Fried was arrested Monday by authorities in the Bahamas after US officials charged him with multiple counts, including fraud and money laundering. An unnamed official at the prison told The Post Bankman-Fried came off as "a little arrogant" and "awfully scared" after arriving at the facility, but that he seemed like a "nice guy." The official also said Bankman-Fried still believes a judge may grant him bail, but if not he would be prepared for extradition and to "face the music" in the US.

☆ Sam Bankman-Fried to appear in court Monday to drop extradition fight
▼ + stars: | 2022-12-18 | by ( Cnn Business | ) edition.cnn.com time to read: +1 min

CNN —Former FTX CEO Sam Bankman-Fried is expected to appear in a Bahamas court on Monday to reverse his decision to contest extradition to the US, a person familiar with the matter told CNN. The New York Times also reported that Bankman-Fried is expected to agree to extradition to the US, citing a person briefed on the matter. Bankman-Fried could face up to 115 years in prison if convicted on all eight counts against him, though he likely wouldn’t get the maximum sentence. He was arraigned Tuesday, and a Bahamian judge denied his request for bail, saying that he posed a flight risk. His extradition to the United States could take weeks.

☆ Sam Bankman-Fried, currently held in a Bahamian prison, now plans to face the music and will not fight extradition to the US, reports say
▼ + stars: | 2022-12-18 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried plans to stop resisting his extradition to the US, Reuters reported. He is expected to appear in court on Monday in the Bahamas as he faces fraud charges in the US. His lawyers previously said at his first court appearance that he would fight being sent back. Earlier this month, the FTX founder told New York Times columnist Andrew Ross Sorkin that he'd considered heading to the US and possibly speaking to members of Congress. Mark Botnick, a spokesperson for Bankman-Fried, did not immediately respond to Insider's request for comment made outside of typical working hours.

☆ Exclusive: Sam Bankman-Fried to reverse decision on contesting extradition
▼ + stars: | 2022-12-17 | by ( Jasper Ward | ) www.reuters.com time to read: +4 min

His decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. At his initial court hearing in Manhattan, Bankman-Fried would be asked to enter a plea and a judge would make a determination on bail, Margulis-Ohnuma said. The attorney added that such a hearing must take place within 48 hours of Bankman-Fried's arrival in the United States, though it would likely be sooner. Bankman-Fried has acknowledged risk management failings at FTX but has said he does not believe he has criminal liability. 'BIGGEST FINANCIAL FRAUDS IN AMERICAN HISTORY'It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

☆ A brawl broke out between passengers on a luxury cruise ship after a woman fell overboard and died, video shows
▼ + stars: | 2022-12-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

A woman fell overboard a MSC Cruises luxury ship and died early on Thursday morning. Shortly afterwards, passengers on the ship broke into a fight while waiting to disembark the cruise, the Daily Mail reported. The brawl erupted after the woman fell into the Atlantic Ocean on Thursday morning around 5 a.m., per the report. The Italian cruise line said its advanced detection systems immediately alerted them that the woman fell overboard and it then informed passengers that arrival in Florida would be delayed. The US Coast Guard and MSC Cruises did not immediately respond to requests for comment made outside typical working hours.

☆ 'Shark Tank' host and FTX investor Kevin O'Leary defends Sam Bankman-Fried for demise of his cryptocurrency exchange
▼ + stars: | 2022-12-17 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary said he previously made $15 million as a brand ambassador for FTX. The "Shark Tank" host testified to the Senate Banking Committee earlier this week about his involvement with the company. O'Leary is among several celebrity defendants listed in a class-action lawsuit from FTX investors. "[New FTX CEO] John Ray doesn't have them yet. In the same interview, O'Leary also defended himself against comments from Binance CEO Changpeng Zhao, who called the "Shark Tank" television host a "liar."

☆ Sam Bankman-Fried to reverse decision on contesting extradition -source
▼ + stars: | 2022-12-17 | by ( Jasper Ward | ) www.reuters.com time to read: +1 min

Dec 17 (Reuters) - Former FTX CEO Sam Bankman-Fried is expected to appear in court in The Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday. The cryptocurrency mogul was indicted in federal court in Manhattan on Dec. 13 and accused of engaging in a scheme to defraud FTX customers. Bankman-Fried, 30, was arrested on Monday in The Bahamas, where he lives and where FTX is based. Neither a spokesman nor a U.S.-based lawyer for Bankman-Fried immediately responded to requests for comment. Bankman-Fried had made a new bail application before The Bahamas Supreme Court on Thursday, a person familiar with the matter told Reuters at the time.

FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022. FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S., an about-face just days after he was remanded to Bahamian jail pending a hearing, a person familiar with the matter told CNBC. The former crypto billionaire will appear in Bahamian court this Monday to formally waive his extradition rights, paving the way for federal authorities to secure his return to the U.S. The change of heart would move up the timeline for Bankman-Fried's federal trial significantly. Charges from the SEC and CFTC indicated that FTX had commingled customer funds with Bankman-Fried's crypto hedge fund, Alameda Research, and that billions in customer deposits had been lost along the way.

WASHINGTON, Dec 16 (Reuters) - The Democratic Party's three top campaign groups are preparing to return over $1.1 million they have received from imprisoned cryptocurrency tycoon Sam Bankman-Fried, they said on Friday. In a statement, the Democratic National Committee said it was setting aside $815,000 in funds received from Bankman-Fried in light of "potential campaign finance violations" made by the billionaire. The Democratic Senatorial Campaign Committee said it was setting aside $103,000, and the Democratic Congressional Campaign Committee, which oversees the party's campaign arm for the House of Representatives, said it would set aside $250,000. Bankman-Fried said his pro-Republican outlays have not been disclosed to the public, an area of campaign finance known as "dark money." The Washington Post first reported on the campaign groups' decision to set aside the funds.

☆ Aquarium With One Million Liters of Water Bursts in Berlin Hotel
▼ + stars: | 2022-12-16 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

FTX Collapse Hearing: Key Moments From John J. Ray’s Testimony John J. Ray III, the new chief executive of FTX, testified in front of a House committee Tuesday on the collapse of the crypto exchange. His testimony came less than a day after the company founder, Sam Bankman-Fried, was arrested in the Bahamas. Photo: Al Drago/Bloomberg News

☆ FTX bankruptcy judge to hear media companies' request to reveal customer names
▼ + stars: | 2022-12-16 | by ( Dietrich Knauth | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +2 min

Dec 16 (Reuters) - A group of media companies is set to argue on Friday to the U.S. judge overseeing the FTX bankruptcy that they should be allowed to request that the collapsed crypto exchange make public the names of its customers. In seeking to intervene in the case, the New York Times (NYT.N), Dow Jones, Bloomberg and the Financial Times said bankruptcy law demands transparency. Letting customer names remain secret could turn bankruptcy proceedings into a "farce" if creditors start fighting anonymously over how much money they should get, the media companies wrote in a Delaware bankruptcy court filing. U.S. Bankruptcy Judge John Dorsey said he will not rule on customer privacy issues before January. During Friday's hearing, FTX will also provide an update on its asset recovery efforts and its dispute with the Bahamas-based liquidators.

NEW YORK, Dec 16 (Reuters) - A dual citizen of Sweden and the United Kingdom pleaded guilty to U.S. fraud and money laundering charges on Friday for selling a fake cryptocurrency alongside one of the United States' most-wanted fugitives, a woman referred to as the 'Cryptoqueen.' The plea comes as prosecutors in the Southern District of New York (SDNY) ramp up enforcement of financial crimes related to digital assets. Prosecutors said Greenwood founded OneCoin in Sofia, Bulgaria in 2014 alongside Ruja Ignatova, a German citizen who prosecutors say is also known as the 'Cryptoqueen.' He is scheduled to be sentenced on April 5 for the three counts to which he pleaded guilty. He is currently detained in The Bahamas, where FTX is based, and is contesting a U.S. request for his extradition.

☆ Don't blame the Bahamas for FTX's implosion, foreign minister says as the disgraced company's lawyers hurl accusations of complicity
▼ + stars: | 2022-12-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

FTX lawyers want to deny liquidators access to company records, claiming the Bahamian government could use it to swipe money away from FTX. But it isn't the fault of the Bahamas that FTX is embroiled in its financial troubles, according to foreign minister Fred Mitchell. Court-appointed liquidators for FTX's Bahamas-based business asked for key records within the crypto exchange, including access to company accounts and data. The Securities Commission of the Bahamas has disputed those claims, and Bahamas foreign minister Fred Mitchell denounced the accusations in a voice recording distributed via WhatsApp on Friday. Sam Bankman-Fried was arrested on multiple charges this week, including fraud, money laundering, and conspiracy after the collapse of his crypto exchange shed light on glaring accounting scandals.

The bare-bones indictment against Bankman-Fried - which could be amended with more details and co-defendants as the case progresses - suggests prosecutors have a long road ahead piecing together what they have described as one of the biggest financial frauds in American history. “A trial is probably 14 to 18 months out,” said Michael Weinstein, a white-collar criminal defense lawyer and former federal prosecutor. On Tuesday, U.S. Attorney Damian Williams in Manhattan said a grand jury had indicted Bankman-Fried on wire fraud, securities fraud, commodities fraud, campaign finance law violations and conspiracy charges. The indictment came just weeks after Bankman-Fried's $32 billion crypto exchange collapsed - an extraordinarily fast turnaround for prosecutors. Bankman-Fried was arrested in the Bahamas on Monday but indicated he would fight extradition to the United States.

☆ Binance's native BNB token plunges to lowest since July as concerns mount about withdrawals, FTX ties
▼ + stars: | 2022-12-16 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market. The latest issue looming over Binance is FTX's bankruptcy proceedings. In exiting its equity position in the company last year, Binance received payment equal to roughly $2.1 billion. Binance's native token, BNB, has fallen 15% in the past week, including a drop of over 6% in the past 24 hours. BNB, first minted in 2017, is the world's fifth most valuable cryptocurrency, with a market cap of about $39 billion, according to CoinMarketCap .

☆ Sam Bankman-Fried's parents have already been to the Bahamian prison where he's being held
▼ + stars: | 2022-12-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's parents visited Fox Hill prison in the Bahamas on Thursday, DailyMail.com reported. His parents have become entwined with FTX's collapse and have stuck close by his side. His parents, Barbara Fried and Joseph Bankman, both Stanford Law professors, have become entwined in FTX's collapse. Bankman-Fried's parents have stuck close by his side since FTX's collapse. DailyMail.com published photos showing Bankman and Fried arriving at Fox Hill on Thursday.

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