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Sam Bankman-Fried one step closer to US extradition: report

Sam Bankman-Fried one step closer to US extradition: report

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Former FTX CEO Sam Bankman-Fried, who is in custody by Bahamian authorities, faces extradition to the United States following a hearing.

Bankman-Fried reportedly appeared on December 21 – the third since his arrest – for a hearing in the Bahamas Magistrates Court, where he waived his right to a formal extradition hearing, which could have taken weeks. Officials from the US Embassy, ​​the Federal Bureau of Investigation and the US Marshals Service were reportedly present to facilitate Bankman-Fried’s surrender, which he first signed papers on Dec. 20.

Reuters reported that SBF’s legal team said the former CEO was “eager to leave the Bahamas.” Jerome Roberts, a member of Bankman-Fried’s legal team, reportedly heard SBF say on December 19 that his decision was driven by a desire to “prove the clients right.” Over a million FTX creditors have not had access to their funds for weeks.

FTX founder Sam Bankman-Fried has signed legal documents paving the way for his extradition from the Bahamas to the US, where he faces fraud charges over the cryptocurrency exchange collapse

— Reuters (@Reuters) December 21, 2022

Officials in the Bahamas arrested Bankman-Fried on December 12 as part of an extradition process to the United States, where he faces Justice Department charges of investor and lender fraud and complaints from the Commodity Futures Trading Commission and Securities and Exchange Commission. Prior to SBF’s resignation on Nov. 11, FTX and affiliates allegedly violated campaign finance laws with “dark money” donations and used client funds to fund investments at Alameda Research.

Related: The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses

After being denied bail, the former CEO spent more than a week in custody at Fox Hill Prison in the Bahamas, a facility with previously reported cases of physical abuse of prisoners and “harsh” conditions. He would likely be eligible for another bail hearing at a US court hearing once his extradition is complete.

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