Sam Bankman-Fried, the CEO of FTX, travels to the US to face charges.

On December 21, in Nassau, Sam Bankman-Fried is led in handcuffs to a plane.

Sam Bankman-Fried, the former CEO of the defunct cryptocurrency exchange FTX, flew from the Bahamas to New York to answer to charges of fraud.

According to US authorities, the 30-year-old was extradited on suspicion of committing "one of the largest financial frauds in US history.".

On Thursday morning, Mr. Bankman-Fried might show up in court despite his denial of the accusations.

A related charge has seen the guilty pleas of two of his former associates.

Gary Wang, a co-founder of FTX, and Caroline Ellison, a former executive at the cryptocurrency trading company Alameda Research, were both charged with "roles in the frauds that contributed to FTX's collapse," according to Damian Williams, the attorney for the Southern District of New York. .

As court records were made public, he declared in a video that they are both currently cooperating with the Southern District of New York.

According to Mr. Wang's attorney, his client had taken responsibility for his deeds and his obligations as a cooperating witness very seriously.

Samuel Bankman-Fried is currently being held by the FBI and is returning to the United States, according to Mr. Williams. "He will be brought immediately to the Southern District of New York, where he will appear in court as soon as is practical before a judge in this region. " .

He continued, "This is the time to get ahead of it if you participated in misconduct at FTX or Alameda.". "We are making quick progress, and our patience is limited. ".

statement made by U. S. Damian Williams, an attorney, on U. S. v. picture on Twitter at /u1y4cs3Koz features Gary Wang, Caroline Ellison, and Samuel Bankman-Fried.

Separate charges have been brought against Ms. Ellison and Mr. Wang by the US Securities and Exchange Commission (SEC).

Indicted last week with "orchestrating a scheme to defraud equity investors in FTX," Mr. Bankman-Fried also faces other charges. The former "King of Crypto," according to the SEC, had constructed a "house of cards on a foundation of deception.".

According to the allegations, Mr. Bankman-Fried, Ms. Ellison, and Mr. Wang were "active participants in a scheme to conceal material information from FTX investors, including through the efforts of Mr. Bankman-Fried and Ms. Ellison to artificially prop up the value of FTT [FTX's in-house token], which served as collateral for undisclosed loans that Alameda took out from FTX pursuant to its undisclosed, and virtually unlimited,

"Defendants concealed the very real risks that FTX's investors and customers faced by covertly siphoning FTX's customer funds onto the books of Alameda. ".

Many people are unable to withdraw money because of FTX's bankruptcy filing.

A court document stated that FTX owed its top 50 creditors close to $31 billion (£2 point 5 billion).

The use of billions of dollars in customer funds to support Alameda is one of the most serious accusations made against Mr. Bankman-Fried.

According to Mr. Williams last week, Mr. Bankman-Fried was charged with committing one of the biggest frauds in US history.

According to Mr. Williams, the FTX founder was also accused of using "tens of millions" in illegally obtained money to make contributions to both Democratic and Republican candidates.

In an interview with BBC News prior to his arrest, Mr. Bankman-Fried claimed: "I didn't intentionally commit fraud." He has since tried to distance himself from the accusations of illegal behavior. In my opinion, I didn't steal anything. I didn't want any of this to occur. As competent as I thought I was, I was by no means. ".

Are digital currencies the wave of the future?

Additionally, Mr. Bankman-Fried has refuted claims that he had to have known that Alameda was using funds from FTX customers.

Customers could exchange their regular currency for cryptocurrencies like Bitcoin on the FTX exchange.

Cryptocurrencies are not conventional money; instead, they are digital assets that function more like securities or investment vehicles, frequently with high levels of volatility.

FTX had an estimated 1.2 million registered users who were actively using the exchange, but many are now left wondering if they will ever be able to retrieve the money they had stored in FTX's digital wallets.

Mr. Bankman-Fried, whose net worth was estimated to be more than $15 billion as recently as late October, was once compared to a younger version of the famous US investor Warren Buffett.

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