Bankman-Fried could be extradited to the US today
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Bankman-Fried was escorted out of the Bahamas Magistrates’ Court Monday during a frenetic court hearing over whether he would contest extradition. SBF’s return to the US could be as early as Wednesday, according to multiple reports. Photo: Rebecca Blackwell (AP)
Santa-Fried is set to bring cryptic winter vibes to the United States soon. His sled will be a federal jet flying from the Bahamas to New York. The only shop door he’ll duck his mop of hair through is a New York court hearing whether he’ll be granted bail. His gift, addressed by Sam Bankman-Fried to Sam Bankman-Fried, will be a lengthy court battle over allegations that he robbed crypto users and investors of their money by treating his crypto exchange FTX as his personal piggy bank.
CNBC wrote late Tuesday that the maligned FTX founder Bankman-Fried would return to the United States on Wednesday, where he faces multiple federal charges of fraud, money laundering and campaign finance violations. Doan Cleare, the acting Commissioner of Corrections for the Bahamas, told CNBC that Bankman-Fried, who is often known by his initials SBF, will be coming to the US on a federal plane that was supposed to land somewhere in New York.
This comes after a full day of chaos on Monday, when reports over the weekend indicated SBF would no longer contest his extradition. His lawyer in the Bahamas, Jerone Roberts, was unaware of this last-minute decision and it turned out in court that he was just as confused as everyone else. After a day of arguing and transporting the alleged fraudster from jail to court, back to jail and back to court, the FTX founder finally announced he would not be fighting extradition.
Bahamas police arrested the crypto founder at his luxury apartment earlier this month amid US charges. He was held in the prison facility commonly known as “Fox Hill”, notorious for its poor and inhumane conditions. He was reportedly being held in the hospital wing of the facility during the extradition fight.
When Bankman-Fried’s indictment will take place and where it will take place is unclear at this time. Gizmodo reached out to the US Attorney’s Office in New York for comment, but we didn’t immediately receive a response.
Fox News first reported on Tuesday, based on two anonymous sources, that SBF would be released on bail after his lawyer and US Attorneys reached an agreement to get the crypto founder’s consent to extradition. The New York Times expanded on those details in a report Wednesday, in which three unnamed sources told reporters that SBF would be granted bail but would be placed under house arrest. Electronic surveillance or other restrictive measures were also not ruled out. But in the end it all boils down to the approval of a federal judge.
Regardless of how quickly federal prosecutors pressed charges against the 30-year-old crypto founder, it could be years before a full court battle begins. Meanwhile, FTX is in bankruptcy proceedings, and the company has called on several of those political campaigns that SBF donated to to reclaim its money. These political donations could be the key to federal indictments, as US Attorney Damian Williams found that the FTX founder had used money “disguised to come from wealthy co-conspirators” but was actually from the funds of its users stock exchange came from.
From what we already know about how Bankman-Fried secretly funneled users’ crypto to his hedge fund Alameda, it appears that things will only get worse for the crypto founder if those handling FTX’s bankruptcy are the former executives of the company.
