John Paul M. Joaquin Tech 12.20.2022 21:Dec PM EST

FTX CEO Sam Bankman-Fried To Return to the US To Face Charges

Sam Bankman-Fried (SBF) is headed back to the US.

The disgraced founder and CEO of FTX have reportedly agreed to be extradited to the US to face eight counts of various fraud cases, per Engadget.

Bahaman officials, at the request of the US government, previously arrested SBF in mid-December, with his indictment being sealed at the time it was executed.

SBF Return Details

SBF allegedly agreed on Dec. 20 to be brought back to the US after filing the papers necessary with the court, per Bahamas Department of Correctional Services acting commissioner Doan Cleare.

His flight back to the US will be on Dec. 21, though Cleare didn't mention at what time his return flight will happen.

Regardless, after SBF's court hearing on Dec. 21 at 11 AM EST, he will be cleared for transfer to New York, where he will face eight counts of various fraud charges, per Reuters.

To be specific, SBF is facing eight counts of conspiracy to commit wire fraud, commodities fraud, securities fraud, donating more to political groups than what is legally allowed, and more.

The SEC also accused SBF of being fraudulent for many years for "his own personal benefit and to help grow his crypto empire."

Although a Bahamian judge denied his request for bail, SBF can request he be released on bail once he lands in the US.

Should he be convicted of fraud, he could spend the rest of his life in jail, per NBC News.

What Led To SBF's Fall From Grace?

Bahamian officials arrested SBF on Dec. 13 for defrauding FTX customers since 2019. During the company's heyday, it was reportedly valued at $32 billion and was the face of the crypto industry. SBF was even hailed as some sort of crypto genius.

However, FTX reportedly didn't collapse due to bad luck and the crypto winter that occurred that saw many cryptocurrencies lose their value over time.

According to Vox, FTX went bankrupt due to the unsustainability of SBF's deception. While the company seemed to be thriving, it is already drowning in debt, with a billion dollars worth of customer funds allegedly missing.

Meanwhile, a senior Democratic strategist that requested anonymity to protect their clients said that SBF also spent around $40 million to support certain politicians during the midterm election cycle.

However, all of them are considering returning that money instead, while a few of them, such as Dick Durbin and Kirsten Gillibrand, announced they would donate SBF's contributions to charity.

Additionally, SBF said in various interviews and tweets that he committed some managerial mistakes while denying he knowingly defrauded FTX's customers or investors.

However, he doesn't believe he is criminally responsible for FTX's bankruptcy and subsequent downfall. A defense lawyer representing SBF in the Bahamas said that the fallen CEO would face the charges against him "to put the customers right, and that is what has driven his decision," per the New York Times.