Sam Bankman-Fried, the CEO of FTX, comes in the US to face accusations.

The former CEO of the collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, took a flight from the Bahamas to New York to face fraud-related charges. The 30-year-old was extradited on accusations of committing "one of the worst financial scams in US history," according to US investigators. Mr. Bankman-Fried, who denies the claims, could appear in court later on Thursday morning. Two of his former coworkers have acknowledged their guilt in crimes connected to them. According to Damian Williams, the Southern District of New York's attorney, Caroline Ellison, a former CEO of the cryptocurrency trading firm Alameda Research, and Gary Wang, a co-founder of FTX, have both been charged with "roles in the schemes that led to FTX's bankruptcy." They are both actively cooperating with the Southern District of New York, he claimed in a video. The lawyer for Mr. Wang claimed that his client had accepted responsibility for his actions and had taken his role as a cooperating witness very seriously. According to Mr. Williams, Samuel Bankman-Fried is currently in FBI custody and is leaving the country. As soon as possible, he will be taken to the Southern District of New York, where he will be hauled before a judge. If you participated in wrongdoing at FTX or Alameda, now is the moment to get ahead of it, he continued. Our patience is wearing thin as we advance quickly. The BBC is not responsible for the content of external sites.View original tweet on Twitter Ms. Ellison and Mr. Wang are the targets of separate complaints from the US Securities and Exchange Commission (SEC). Mr. Bankman-Fried was additionally accused last week with "orchestrating a conspiracy to defraud stock holders in FTX." The SEC claimed that the former "King Of Crypto" had built a "house of cards on a foundation of lies." In accordance with the accusations, Mr. Bankman-Fried, Ms. Ellison, and Mr. Wang were "active participants in a scheme to conceal material information from FTX investors, including through Mr. Bankman-Fried and Ms. Ellison's efforts to artificially prop up the value of FTX, which served as collateral for undisclosed loans that Alameda took out from FTX in accordance with its undisclosed, and virtually unlimited, line of credit," says By secretly transferring the client funds of FTX into the books of Alameda, the defendants "obscured the very real risks that FTX's investors and customers faced." Many people are unable to withdraw money as a result of FTX's bankruptcy filing. According to a court document, FTX owes more than $3.1 billion (£2.5 billion) to its 50 top debtors. One of the most significant allegations is that Mr. Bankman-Fried used billions of dollars in client funds to support Alameda. Last week, Mr. Williams alleged that Mr. Bankman-Fried had been accused of committing one of the greatest scams in US history. The FTX founder was allegedly accused of using "tens of millions" of dollars that were gained illegally to contribute to both Democratic and Republican candidates, according to Mr. Williams. Mr. Bankman-Fried has made an effort to distance himself from accusations of criminal behaviour, nevertheless. He said the following in an interview with BBC News before being detained: "I didn't intentionally commit fraud. I don't think I cheated anybody. I wanted to stay away from everything like that. Definitely not as skilled as I had thought." Additionally, Mr. Bankman-Fried refuted claims that he must have known Alameda was using FTX client funds. Customers could exchange their regular currency for cryptocurrencies like Bitcoin on the FTX market. Cryptocurrencies are not conventional money; instead, they are digital assets that function more like securities or investment vehicles, frequently with extreme levels of volatility. There were an estimated 1.2 million registered users of FTX who were actively using the exchange, but many are now left to wonder whether they will ever be able to retrieve the money they had stored in FTX's virtual wallets. In the past, Mr. Bankman-Fried has been compared to a younger counterpart of the famous US investor Warren Buffett. As of late October, his nett worth was believed to be more than $15 billion. Other stories Here are the top 10 highest-paid athletes in 2022, with Lionel Messi at the top of the list. NDC polls: We voted against Ofosu-Ampofo for hobnobbing with NPP – Yamoah Ponko 4 FIFA World Cup moments involving Black Stars in 2022 Victor Smith tells Asiedu Nketiah, who he calls “stubborn,” “We’ll trim you to size.” Argentina advances to the World Cup final in 2022 thanks to Messi wizardry and Alvarez’s double.