FTX founder Sam Bankman Fried agrees to Extradition to US – Katoch Tubes

FTX SBF ready to be extradited to us

About FTX

FTX was one of the leading cryptocurrency exchanges in the world. Infact, by volume FTX was the second largest exchange after Binance sometime back.

Founder of FTX

Sam Bankman-Fried is the founder of FTX. He's also the founder of Alameda Research, the investment arm of FTX.

The Bankruptcy

Acc. to a statement released by Sam, FTX requires over $9 billion to overcome bankruptcy. It has filed for bankruptcy.

SBF Arrest

Sam was arrested on Dec12 in Bahamas by the local authority on the request of the United States.

Allegations against FTX

FTX stole billions of worth of user funds and is charged with financial misconduct. Sam also lobbied against other players in the industry to promote FTX.

Agreeing Extradition

SBF attorney stated that he has agreed to be extradited to US. The news came weeks after they planned to fight for extradition.

What did we learn?

Centralized exchanges are no longer safe for storing cryptocurrencies. With many freezing withdrawals, it's better to store cryptos in your wallet.

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