FTX founder could be sent to US after extradition hearing

Sam Bankman-Fried is again in a Bahamian court docket Wednesday for an extradition listening to that would clear the best way for the one-time billionaire to be despatched to the U.S. to face felony costs associated to the collapse of cryptocurrency alternate FTX.

In a court docket in Nassau, Bahamas, on Monday, Bankman-Fried’s legal professionals stated he had agreed to be extradited to the U.S., however the essential paperwork had not but been written up. If authorised, Bankman-Fried may very well be on a airplane to the U.S. as early as Wednesday afternoon.

Bahamian authorities
arrested Bankman-Fried final week on the request of the U.S. authorities. U.S. prosecutors allege
he performed a central function within the fast collapse of FTX and hid its issues from the general public and buyers. The Securities and Exchange Commission stated Bankman-Fried illegally used buyers’ cash to purchase actual property on behalf of himself and his household.

The 30-year-old may probably spend the remainder of his life in jail.

Bankman-Fried was denied bail Friday after a Bahamian choose dominated that he posed a flight threat. The founder and former CEO of FTX, as soon as price tens of billions of {dollars} on paper, is being held within the Bahamas’ Fox Hill jail, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and bugs.

Once he is again within the U.S., Bankman-Fried’s lawyer will be capable to request that he be launched on bail.

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