Federal prosecutors drop campaign finance charges against ex-FTX CEO

The United States Federal Prosecutors has dropped the campaign finance charges against the former CEO of the now-bankrupt exchange, FTX. The earlier charges alleged that the CEO, Sam Bankman Fried violated a Federal election campaign where he donated $93 in stolen customer funds to US politicians.

In the letter, the prosecutor provided that the United States had sought clarification from the Bahamas regarding the charges initially filed. However, it turned out that the Bahamas did not intend to extradite the former CEO on the campaign contribution count, the government stated.

Per the notification from the Bahamas, the government made it clear that ” in keeping with its treaty obligations to The Bahamas, [it] does not intend to proceed to trial on the campaign contributions count.”

After the firm collapsed, SBF was detained in the Bahamas, following he was extradited to the United States and charged with over 13 criminal charges in connection to FTX.

The FTX fraud saga, to a larger extent, impacted the crypto industry and alongside Terraform Labs remains the most spoken-about bankrupt event in the industry.

Since its implosion, the firm’s executives have been charged with several criminal charges, however, its former CEO has been relieved of one of the charges. 

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