FTX boss Sam Bankman-Fried heads to US to face charges

Sam Bankman-Fried, erstwhile brag of failed cryptocurrency speech FTX, is aboard a level flying from the Bahamas to the US wherever helium faces fraud charges.

The 30-year-old is being extradited connected suspicion of committing "one of the biggest fiscal frauds successful US history", US authorities person said.

Mr Bankman-Fried, who denies the allegations, whitethorn look successful tribunal successful New York connected Thursday morning.

Two of his erstwhile associates person pleaded blameworthy to related charges.

FTX co-founder Gary Wang and Caroline Ellison, erstwhile caput of cryptocurrency trading steadfast Alameda Research, were some charged with "roles successful the frauds that contributed to FTX's collapse", Damian Williams, lawyer for the Southern District of New York, announced.

They are some present co-operating with the Southern District of New York, helium said successful a video.

"Samuel Bankman-Fried is present successful FBI custody and is connected his mode backmost to the United States," Mr Williams said. "He volition beryllium transported straight to the Southern District of New York and helium volition look successful tribunal earlier a justice successful this territory arsenic soon arsenic possible."

"If you participated successful misconduct astatine FTX oregon Alameda, present is the clip to get up of it," helium added. "We are moving rapidly and our patience is not eternal."

FTX has filed for bankruptcy, leaving galore radical incapable to retreat funds.

According to a tribunal filing, FTX owed its 50 largest creditors astir $3.1bn (£2.5bn).

Among the astir superior allegations against Mr Bankman-Fried is that helium utilized billions of dollars of lawsuit funds to prop up his concern trading institution Alameda.

Last week, Mr Williams said Mr Bankman-Fried was accused 1 of the largest frauds successful US history.

The FTX laminitis was besides accused of utilizing "tens of millions" successful ill-gotten gains for amerciable run contributions to Democrats and Republicans alike, Mr Williams said.

The Securities and Exchange Commission said the antheral who was formerly nicknamed the "King Of Crypto" had built a "house of cards connected a instauration of deception".

However, Mr Bankman-Fried has sought to region himself from accusations of amerciable enactment and successful a BBC News interrogation earlier his apprehension said: "I didn't knowingly perpetrate fraud. I don't deliberation I committed fraud. I didn't privation immoderate of this to happen. I was surely not astir arsenic competent arsenic I thought I was."

Mr Bankman-Fried has besides denied allegations helium indispensable person been alert that Alameda Research was utilizing FTX lawsuit funds.

The FTX speech allowed customers to commercialized mean wealth for cryptocurrencies specified arsenic Bitcoin.

Cryptocurrencies are not accepted currencies, but are stored online and enactment much similar concern vehicles oregon securities - often with a precocious grade of volatility.

FTX had an estimated 1.2 cardinal registered users who were utilizing the exchange, but galore person been near wondering if they volition ever get backmost their currency trapped successful FTX's integer wallets.

Mr Bankman-Fried was erstwhile viewed arsenic a young mentation of legendary US capitalist Warren Buffett, and arsenic precocious arsenic precocious October had a nett worthy estimated astatine much than $15bn.