Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

FTX's Bankman-Fried transported from Bahamas to NY to be prosecuted

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Dec 2022 09:20
3 Min Read

This comes weeks following the bankruptcy of FTX and sister trading house Alameda Research, whereby SBF was said to have cheated investors and exploited funds.

  • x
  • Sam Bankman-Fried detained in the Bahamas (AP)
    Sam Bankman-Fried detained in the Bahamas (AP)

FTX founder Sam Bankman-Fried is now in US custody and will be flown from the Bahamas to the state of New York on Wednesday, where two associates of his have already pled guilty to charges concerning the FTX company collapse, which is headquartered in the Bahamas. 

Bankman-Fried waived his right to appeal an extradition request, according to the Bahamas attorney general. He was charged last week with conspiracy, wire fraud, money laundering, and election finance violations. 

This comes weeks following the bankruptcy of FTX and sister trading house Alameda Research, whereby Bankman-Fried was said to have cheated investors in FTX, and exploited funds of FTX and Alameda Research. He "was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform's customer funds for his own personal benefit and to help grow his crypto empire," stated US prosecutors.

"I'm really sorry, again, that we ended up here. Hopefully, things can find a way to recover," said Bankman-Fried, on his Twitter account last month. "I was shocked to see things unravel the way they did."

2) I'm really sorry, again, that we ended up here.

Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.

Ultimately hopefully it can be better for customers.

— SBF (@SBF_FTX) November 11, 2022

Related News

FTX sues Binance and ex-CEO Changpeng Zhao, alleging $1.8Bln in fraud

Ex-Binance CEO faces prison time in US over money laundering charges

$8 billion misappropriated

Out of the eight charges, five of them hold a maximum prison sentence of 20 years - each. Bankman-Fried was one of the stars of the crypto field, drawing comparisons to investment magnate Warren Buffett.

The former FTX CEO tried to organize a bailout but failed - this left FTX struggling to raise billions of dollars and many customers unable to retain their money.

US attorney Damian Williams, who happens to be the federal prosecutor, confirmed the names of the two FTX associates: Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, whose charges were "in connection with their roles in the frauds that contributed to FTX's collapse," 

Read next: Crypto media The Block secretly paid millions by FTX's Bankman-Fried

Civil lawsuits were filed against the two associates by the SEC and Commodity Future Trading Commission (CFTC), who are said to be cooperating with authorities, making their sentences a bit more lenient than Bankman-Fried's.

An estimate by the CFTC exhibits that $8 billion in funds were misused from FTX client accounts.

Bankman-Fried has spent the past nine days in the Bahamas' Fox Hill prison, and per US media, and his lawyers have been trying to negotiate terms to release him on bail with US justice authorities.
 

  • FTX
  • US
  • Bahamas
  • Sam Bankman-Fried
  • Alameda Research

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS