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1:16Now PlayingFormer FTX executives plead guilty to fraud charges, SBF in custody | USA TODAY
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1:16Now PlayingSamuel Bankman-Fried is in US custody and will appear in court as former FTX executives Caroline Ellison and Gary Wang plead guilty to fraud charges.
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Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, was extradited to the U.S. late Wednesday to face federal fraud charges related to the misappropriation of billions of dollars of customer funds, U.S. and Bahamian officials said.
The 30-year-old one-time mogul had been held in the Bahamas following his arrest earlier this month, but abruptly dropped a challenge to be transferred to the custody of U.S. authorities where he is to face prosecution in New York. Bankman-Fried was in FBI custody Wednesday night and is scheduled to appear in Manhattan federal court for arraignment "as soon as possible," Damian Williams, the U.S. Attorney for the Southern District of New York, said in a Twitter post.
Two former business associates of Bankman-Fried, Caroline Ellison and Gary Wang, have pleaded guilty to federal charges and agreed to cooperate with prosecutors investigating the alleged fraud scheme, Williams said. He did not specify the allegations.
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