FTX founder Sam Bankman-Fried has agreed to be extradited to the United States, say sources.
The 30-year-old disgraced cryptocurrency fund creator - who was once coined ‘the king of crypto - is willing to return to his home country after being accused of carrying out “one of the biggest financial frauds in US history” by American authorities
A source close to Sam - who denies all allegations made against him - tld BBC News he will be coming back to face questioning after living in the Bahamas after FTX collapsed, leaving investors unable to withdraw their funds.
According to court documents, 50 of FTX’s biggest clients are owed more than $3 billion.
It is not yet known when Sam - who was arrested on 12 December - intends on arriving back on US soil to answer a string of allegations, including using investor’s money to fund his own investment firm Alameda.
Last week, Damian Williams, the US Attorney for the Southern District of New York accused Sam of being behind one of the most significant frauds in American history, along with using “tens of millions” of illegally acquired dollars.
The Securities and Exchange Commission claimed that Sam had constructed a "house of cards on a foundation of deception".
Sam - who denies everything - said prior to his arrest: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."
He also fought back against the claim that Alameda Research was knowingly using money from FTX, who at the time of collapse had 1.2 registered users.
