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
Israeli Channel 13: The Iranian nuclear program cannot be destroyed with missiles, even if we spend another year attacking it alongside the Americans.
Over 30 casualties in a suicide bombing that targeted the Mar Elias Church in Damascus, Syria.
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression

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

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • Today
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran UN Ambassador Amir Saeid Iravani addresses a United Nations Security Council meeting, Friday, June 20, 2025. (AP)
Politics

Iran demands urgent UN Security Council session over US airstrikes

CIA Director John Ratcliffe, testifies before a hearing April 18, 2023, on Capitol Hill in Washington (AP/Manuel Balce Ceneta)
US & Canada

Trump aides pushed war on Iran with Mossad-fed intel, ignoring dissent

This photo released on Nov. 5, 2019, by the Atomic Energy Organization of Iran shows centrifuge machines in the Natanz uranium enrichment facility in central Iran. (Atomic Energy Organization of Iran via AP, File)
Politics

Iran: Minor damage to nuclear sites after US attack, no radiation

The U.S. Capitol, on June 5, 2025, in Washington. (AP)
Politics

US lawmakers condemn Trump’s strikes on Iran; MAGA base frustrated

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