HomeTech newsSam Bankman-Freud, former CEO of FTX Exchange, is in the process of...

Sam Bankman-Freud, former CEO of FTX Exchange, is in the process of leaving Dubai, but this thing has become difficult

Sam Bankman-Fried: Sam Bankman-Fried, former CEO of the FTX exchange, co-founder Gary Wang and director of engineering Nishad Singh are said to be under the supervision of local authorities in the Bahamas. However, a person associated with the case has told that Sam Bankman-Freud and two of his associates, including two former executives of the FTX exchange – are on the way to Dubai. Along with them, Caroline Allison, CEO of Alameda Research, also wants to go to Dubai and is trying to find ways for this.

Why do all three want to go to Dubai?
He made this plan because he felt that America does not have an extradition treaty with the United Arab Emirates and if he goes to Dubai, he will not be brought back. However, as it is being told that both the countries (America and UAE) had signed the Mutual Legal Assistance Treaty (MLAT) in February itself and signed this agreement against the criminals on 24 February. After this, it will not be possible for people who have been declared criminals in America to seek protection in Dubai and they will be returned to America. According to the reports of news agency Reuters, this news has come.

Sam, Gary and Nishad are kept in the Bahamas
A person with knowledge of the matter said on the condition of anonymity that Sam, Gary and Nishad are currently under surveillance in the Bahamas, which means that it is difficult for them to leave. Apart from this, this source also said that Caroline Allison, CEO of Alameda Research, is currently in Hong Kong which means that it may be possible for her to go to Dubai.

FTX Exchange has applied for bankruptcy process
In fact, on November 11, it was reported that the world’s third largest cryptocurrency exchange FTX has applied in the US under bankruptcy process and its CEO Sam Bankman-Freud has also signed. FTX CEO Sam Banksman-Freud became impoverished overnight. In one day, his net worth dropped by about 94 per cent and his wealth came down to $991.5 million, while he was the owner of $15.2 billion.

News Reels

assets lost overnight
According to a report by Bloomberg, this was the biggest drop in the wealth of any billionaire in a single day and he is being named as the overnight pauper in the world.

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