Crypto enemy #1, Sam Bankman-Fried, aka SBF, the disgraced founder and former CEO of crypto exchange FTX, is expected to agree to extradition to the United States, according to an Reuters report. In the U.S., SBF, 30, has been charged with fraud, misappropriating customers’ FTX funds to make lavish real estate purchases, invest in other companies, and donate funds to politicians. SBF was arrested last Monday in the Bahamas. He was denied bail and transferred to the notorious Fox Hill prison.
In the Bahamian court, SBF said he wouldn’t waive his right to challenge the extradition. But after a few days in prison, he’s now inclined to go along with the extradition, though his decision could still change, according to the NYT report. He is expected to state his new position at a court hearing as early as Monday.
Upon arrival in the United States, SBF would likely be held at the Metropolitan Detention Center in Brooklyn. At his initial court hearing in Manhattan, he would be asked to enter a plea and a judge would make a determination on bail. Such a hearing must take place within 48 hours of SBF‘s arrival in the United States. Prosecutors will likely argue that SBF is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.
Any trial is likely more than a year away.
