Sam Bankman-Fried expected to reverse decision to contest extradition to US

Former FTX CEO Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday.

The cryptocurrency mogul was indicted in federal court in Manhattan on December 13 and accused of engaging in a scheme to defraud FTX customers.

His decision to consent to extradition would pave the way for him to appear in US court to face charges of using stolen customer deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.

Still, any trial is likely more than a year away, legal experts told Reuters.

Bankman-Fried, 30, was arrested on┬áDecember 12 in the Bahamas, where he lives and where FTX is based. He was remanded on Tuesday to the Caribbean nation’s Fox Hill prison after Chief Magistrate JoyAnn Ferguson-Pratt rejected his request to remain at home while awaiting a hearing on his extradition to the United States.

Neither a spokesman nor a US-based lawyer for Bankman-Fried immediately responded to requests for comment. A spokesman for the US Attorney’s office in Manhattan declined to comment.

Bankman-Fried had made a new bail application before the Bahamas Supreme Court on Thursday, a person familiar with the matter told Reuters at the time.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world’s largest exchanges before it abruptly collapsed this year.

Damian Williams, the top federal prosecutor in Manhattan, described the collapse of FTX as one of the “biggest financial frauds in American history.” Bankman-Fried has acknowledged risk management failures at FTX but has said he did not believe he had any criminal liability.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

The US State Department in a 2021 report said conditions at Fox Hill were “harsh,” citing overcrowding, rodent infestation and prisoners relying on buckets as toilets. Authorities there say conditions have since improved.

Bankman-Fried faces up to 115 years in prison if ultimately convicted of all eight counts he faces in the United States, though any sentence would ultimately be determined by a judge based on a range of factors.

Related Posts

Ukraine has told world leaders gathered in London that it expects to secured billions to help rebuild the country.

Ukrainian drone strikes Russia’s Kursk, Zelensky says US business is ready to invest in Ukraine

Ukraine hit an administrative building in Kursk. The railway station was damaged in August. Ukrainian President Volodymyr Zelensky met US businessmen. A Ukrainian drone strike hit an…

Massive US alligator killed after police find woman's body still in its mouth

Massive US alligator killed after police find woman’s body still in its mouth

An alligator killed a woman in Florida. Authorities killed the 4m animal. The woman’s body was in the animal’s mouth. An alligator was killed as it was…

Philippines navy

‘Our maritime domains’: Philippines slams Chinese barrier in South China Sea

The Philippines accused China of installing a barrier in the South China Sea. The barrier prevents fishermen from accessing the Scarborough Shoal. China claims 90% of the…

'Let's get this done': Biden blames 'extreme Republicans' for threatening US government shutdown

‘Let’s get this done’: Biden blames ‘extreme Republicans’ for threatening US government shutdown

The US government faces a shutdown on 30 September. US President Joe Biden blamed Republicans for the impasse. He wants any budget to include $24 billion in…

Rupert Murdoch, global media mogul and conservative kingmaker

Rupert Murdoch, global media mogul and conservative kingmaker

The 92-year-old Murdoch announced he is stepping back from both News Corp and Fox, conglomerates which made him a billionaire. His eldest son Lachlan will become the…

The water at Terkos Dam has receded significantly.

Cattle graze in dry reservoirs as drought grips Istanbul

The water at Terkos Dam has receded significantly. Omer Urer/Anadolu Agency via Getty Images In the 11 months to September, Turkey’s northwest received 23% less precipitation…

Leave a Reply

Your email address will not be published. Required fields are marked *