FTX boss Sam Bankman-Fried flying to the US to face fraud charges

According to reports, FTX Founder Bankman-Fried was expected to depart the Bahamas late Wednesday.

The Bahamas ordered Sam Bankman-Fried, the founder of collapsed cryptocurrency business FTX, to be extradited Wednesday to face charges of fraud in New York.

The decision came nine days after the one-time cryptocurrency wunderkind was arrested at his luxury Nassau apartment on a US request.

Just weeks earlier his three-year-old, Bahamas-based virtual currency firm FTX and sister trading house Alameda Research collapsed into bankruptcy, dissolving a business that had been valued by the market at $32 billion.

The 30-year-old is being extradited on suspicion of committing "one of the biggest financial frauds in US history", US authorities have said.

Mr Bankman-Fried, who denies the allegations, may have his first court appearance on Thursday morning.

FTX has filed for bankruptcy, leaving many people unable to withdraw funds.

Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop up his investment trading company Alameda.