FTX founder agrees to be extradited to the United States

Former FTX CEO has agreed to be extradited to the United States, but Sam Bankman-Fried also announced that he wanted to see the accusation statement filed against him in New York before agreeing to extradition.

FTT price noted a 7.7% decline in the last 24 hours, recording fresh lows around $0.860. The FTX story is expected to come to an end with the looming hearing and the exchange’s CEO, Sam Bankman-Fried, placed under arrest.

Because of FTX’s reach all across the globe, the company is being investigated by several national authorities in several countries. However, Bankman-Fried decided to bring his court proceedings back to America.

FTX’s former head, during a court appearance in Nassau, Bahamas, made the decision to be extradited to the United States. In doing so, Sam Bankman-Fried will now be facing fraud charges at the hands of the SEC and CFTC.

CEO’s return to the US has been a subject of discussion since his arrest in the Bahamas on December 12. While Magistrate Shaka Serville did not reach a clear decision, Bankman-Fried did. The defendant’s lawyer stated that following a recess, FTX’s former CEO decided he wanted to see the accusation statement filed against him.

The accusation statement was filed last week in New York, and only after seeing this, Bankman-Fried decided to consent to the extradition. Taking note of the extradition, the Magistrate, during the hearing, stated, “I can only be moved by Mr. Bankman-Fried, and he has not moved me”.

The reason given by Bankman-Fried’s lawyer, Jerone Roberts, for his agreement to be extradited was that he wanted to do right by the customers. “We as counsel will prepare the necessary documents to trigger the court. Mr. Bankman-Fried wishes to put the customers right, and that is what has driven his decision”, Roberts added.

FTX token, FTT, noted a further decline in its price over the last 24 hours following Bankman-Fried’s decision. The altcoin dipped by almost 17.2%, falling to a low of $0.862 before retracing and closing in the red losing 7.7%, to trade at $0.967 at the time of writing.

The price decliner was a result of Bankman-Fried’s announcement since the market observed no such decline. Over the last 24 hours, the total market capitalization of the crypto space only lost $16 billion, sliding by 2%. The broader market cues are relatively better than FTT’s condition.