Sam Bankman-Fried, the creator of the now-defunct cryptocurrency exchange FTX, has consented to extradition to the US to answer for fraud.
According to the BBC, a 30-year-old American citizen residing in the Bahamas is considered responsible for "one of the greatest financial scams in U.S. history."
Bankman-Fried has agreed to be extradited, according to a close friend of theirs who has refuted the allegations.
According to Prime9jaOnline, many consumers cannot access their cash due to bankruptcy filing. According to a court document, FTX owes its top 50 creditors around $3.1 billion (£2.5 billion).
Bankman-Fried was detained on December 12, although it wasn't clear when he would be extradited to the US when this article was written.
One of the most serious accusations against him is that he used billions of dollars in client funds to support his investment trading company, Alameda.
Last Thursday, US Attorney for the Southern District of New York Damian Williams asserted that Bankman-Fried was charged with committing the worst fraud in American history.
Williams said that the FTX founder gave "tens of millions" of dollars to the Republican and Democratic parties violating the law.
The Securities and Exchange Commission charged the guy once known as the "King Of Crypto" with erecting a "house of cards on a foundation of fraud."