Former cryptocurrency executive Sam Bankman-Fried is expected to consent to his extradition to the United States.
The former chief executive of cryptocurrency exchange FTX Trading Ltd will appear before a judge in the Bahamas today, where he will overturn his decision to fight extradition, a source familiar with the trial has said. Reuters.
Bankman-Fried was accused of stealing deposits from FTX users to fund his own hedge fund, Alameda Research LLC.
After his extradition, the 30-year-old company founder will face formal arraignment in the United States. A judge will then determine whether he will be released on bail or considered a flight risk.
It’s unclear why Bankman-Fried reversed his decision to fight his impending extradition. The former CEO was charged with fraud in federal court in Manhattan on Tuesday, December 13, but has yet to leave the Bahamas – where his businesses were based.
Bankman-Fried initially challenged the US extradition order. Bahamian magistrate JoyAnn Ferguson-Pratt denied his request to stay at home under house arrest and sent the former CEO back to Fox Hill prison in Nassau.
A 2021 report from the US State Department describes Fox Hill Prison as suffering from “overcrowding, poor sanitary conditions, and insufficient access to medical care”.
Additionally, many inmates were forced to sleep on the floor due to a lack of beds and bedding and to use buckets as toilets. Inmates also complained of chronic infestations of rats, maggots and insects.
Bankman-Fried stepped down as CEO of FTX when the company filed for bankruptcy on November 11. Prior to its rapid fall, FTX was one of the largest cryptocurrency exchanges in the world, fetching over $900 million from top investors.
Bankman-Fried acknowledged “risk management flaws” but denied any wrongdoing.
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