FTX founder Sam Bankman-Fried will no longer contest extradition to the U.S., after he was remanded to Bahamian jail pending a hearing.
FTX founder Sam Bankman-Fried will no longer contest extradition to the U.S., after he was remanded to Bahamian jail pending a hearing.
The former crypto billionaire will appear in court this Monday to formally waive his extradition rights, paving the way for federal authorities to secure his return to the U.S.
Extradition between the Bahamas and the U.S. is codified by a 1991 treaty which could take months to complete.
The change of heart would move up the timeline for Bankman-Fried’s federal trial significantly.
The 30-year-old was originally scheduled for his next hearing in February.
Bankman-Fried was indicted in New York federal court on charges of wire fraud, securities fraud, conspiracy to defraud the United States, and money laundering.
If sentenced, he could face the rest of his life in prison.
