According to Ben of bitboy crypto who is in the Bahamas, the Bahamas government actually don’t want Sam Bankman-Fried extradited to the US.
Ben is a crypto Youtuber who has been spending a lot of time in the Bahamas lately covering the FTX and Sam Bankman-Fried story. He recently took a group of investors from FTX and Celsius who lost a lot of money with him there.
The original intent of the group of investors from FTX and Celsius was to do a protest to get SBF arrested but on Monday the Bahamas authorities arrested him.
On Saturday the group went to the police station to file criminal charges against Sam Bankman-fried as no one had filed criminal charges against him therefore the Bahamas authorities didn’t have to arrest him as relates to the US charges.
Sunday morning the authorities arranged a special meeting for the group they filed a police report.
Mondays court hearing to have Sam Bankman-fried extradited to the US failed as Sam Bankman-fried legal team where informed that they had been new developments over the weekend.
So the group the was with Bitboy crypto filed a police report and the court used that to stop the extradition of Sam Bankman-fried to the US.
According to Ben of Bitboy crypto, the Bahamas government have been pushing against having Sam Bankman-fried extradited to the US because contrary to what was in the media that right after FTX filed for chapter 11 those in the Bahamas were able to withdraw their crypto assets from FTX.
What most people don’t know is that people living in the Bahamas are not allowed to gamble in the casinos or even invest in crypto.
This means that the only people who were able to make those withdrawals were powerful politicians and well connected individuals.
It is alleged that the government wants to keep Sam Bankman-fried for as long as possible so they can cover up what was done in the Bahamas because if SBF is extradited then all of this will become public.
It is unclear what will happen next but the Bahamas government has stated that they will keep Sam Bankman-fried in custody for now.
Meanwhile, The SEC has charged Samuel Bankman-Fried with defrauding investors in a crypto asset trading platform FTX. They accuse him of orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.
Furthermore, they also allege that he made misleading statements to investors about the safety of their investments, failed to disclose conflicts of interest and failed to keep proper records.
This case is ongoing and Sam Bankman-Fried if found guilty could face criminal prosecution if found guilty.