FTX founder Bankman-Fried agrees to be extradited

FTX founder Sam-Bankman Fried reportedly agreed to be extradited to the United States.

His legal team is working out the details, bringing Bankman-Fried that much closer to being transferred to the United States from his current imprisonment in the Bahamas, the Wall Street Journal reported Monday (December 19), citing a person familiar with the matter.

The team hopes to have a new hearing on Tuesday (December 20), according to the report.

This follows a “chaotic” hearing on Monday and a phone call between Bankman-Fried, his lawyer in the Bahamas and his legal team in the United States, according to the report.

As PYMNTS reported, on Monday audience saw the confusion early on, with Bankman-Fried’s lawyer telling the court he was unaware of his client’s plans, Bankman-Fried wanting to read his indictment before making a decision on the extradition and the hearing adjourned without any decision being rendered.

Just two days earlier, on Saturday (December 17), it was reported that Bankman-Fried would not fight extradition in the USA

On Tuesday (December 13), he was bail refused in the Bahamas pending an extradition attempt to return him to the United States

While Bankman-Fried had requested that bail be set at $250,000 during his first court appearance following his Dec. 12 arrest, the presiding judge denied that request and ordered that he be sent to jail.

During that appearance, Bankman-Fried’s attorney said he would fight extradition to the United States.

In the United States, Bankman-Fried faces charges brought by the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

A federal indictment on Dec. 12 revealed he was charged by the DOJ with eight counts ranging from wire fraud to various counts of conspiracy. If convicted, Bankman-Fried faces a substantial prison sentence, as sentences for wire fraud alone can be up to 20 years.

Separately, an SEC civil complaint charged him with two counts of civil securities fraud and alleged that Bankman-Fried and FTX’s crypto empire was fraudulent “from the start” – dating back to May 2019.

The CFTC charged him and FTX with two counts of violating the anti-fraud provisions of the Trade in Commodities Act. He’s asking for a jury trial.

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