$82,743.00
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0.90%$2.10
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0.59%$125.75
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3.34%$1,829.97
0.85%$82,560.00
0.01%$4.09
4.83%$13.62
0.17%$9.17
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0.03%$2,193.11
1.65%$18.79
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0.94%$0.99977
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5.12%$1,947.34
0.91%$28.22
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1.32%$5.29
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1.70%$2.52
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0.64%$0.099204
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0.26%$0.788962
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2.04%$0.778839
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0.23%$10.10
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1.52%$0.02251887
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0.00%$223.31
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7.50%Reading
The next chapter in the fall of Sam Bankman-Fried is about to begin, as multiple news outlets are reporting that the former CEO of FTX is heading back to the United States as early as Wednesday.
As reported by NBC News, Bankman-Fried signed the paperwork necessary for his extradition to the U.S. to take place. A Tuesday report from ABC News corroborated the development, adding that the disgraced crypto executive failed to appear in court as expected that day, after a "confusing" appearance on Monday was deemed "a waste of time."
The Bahamas Department of Correctional Services confirmed the planned departure.
"He left from here in good spirits," Doan Cleare, Acting Commissioner of Corrections, told The Tribune. "He was a happy, jolly person."
Cleare said Bankman-Fried did not say why he was not fighting his extradition but noted that it could take years. He told the Bahamanian newspaper that Bankman-Fried would probably prefer to spend that time in the U.S. than in the island nation where Bankman-Fried and FTX have operated since October 2021.
A month after putting FTX, once the second-largest cryptocurrency exchange in the world, into Chapter 11 bankruptcy protection, Bankman-Fried was arrested by Bahamian police and held at the notorious Fox Hill prison.
In less than a week, one of the largest and most trusted crypto exchanges went up in flames, along with its crypto celebrity founder and CEO Sam Bankman-Fried. Dan Roberts, Stacy Elliott, and Kate Irwin from the gm podcast walk you through exactly how it happened, what it means for you, their own takes on the most interesting subplots, and what we can learn from it all. Plus: We review some comments SBF and CZ made on this podcast that look remarkable in hindsight. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
The day after his arrest, a Bahamian judge denied Bankman-Fried's request for bail, calling the former billionaire a flight risk. At the time, Bankman-Fried had told the courts that he reserved the right to fight any extradition order to the U.S. and was originally scheduled for a February 8, 2023, extradition hearing.
Once he lands in the U.S., Bankman-Fried is facing several charges, including fraud, money laundering, and conspiracy linked to the collapse of FTX. If found guilty on all counts, the former billionaire could spend the rest of his life in prison.
In a 2021 report, the U.S. State Department said conditions at Fox Hill prison pose “significant human rights issues.” The report cited extreme overcrowding, poor nutrition, and inadequate sanitation. Many cells were reported to have been infested with a combination of rats, maggots, and insects. The report also cited a frequent inability for inmates to receive adequate medical care.
Totally unfair," Cleare told the newspaper. "You know that’s an old report."
The Office of the Commissioner of Corrections of the Bahamas was unable to provide a comment to Decrypt.
Donald Trump Jr. and Eric Trump have teamed up with Bitcoin mining heavyweight Hut 8 to launch American Bitcoin, a new industrial-scale mining firm that plans to become the “world’s largest and most efficient Bitcoin miner.” Announced on March 31, the venture was born out of a strategic deal in which Bitcoin mining company Hut 8 contributed the majority of its mining hardware to American Data Centers Inc., a company backed by the Trump sons. The firm was then rebranded as American Bitcoin—a majo...
Smoke from Nicaraguan cigars choked out the room as a heavy-set Bitcoin miner from the Deep South explained how the industry was expanding at an exponential rate. "You have no idea," he said at this year's Mining Disrupt pre-party in Fort Lauderdale, Florida, before following up with the common Bitcoiner maxim—repeated by President Trump on the campaign trail—that you should never sell your stash. Having been involved in the space since the early days, he recalled buying a Ferrari with orange c...
Elon Musk’s favorite cryptocurrency made a comeback at the end of last year as retail investors flooded back into the market to snap up Dogecoin. The coin was launched as a joke in 2013, but has persisted over the years and remained prominent. But just how serious is the business of mining the O.G. meme coin? People are actively buying the machines to do so, according to vendors at this year’s Mining Disrupt conference in Fort Lauderdale, Florida. Though the conference was heavily focused on th...
