Sam Bankman-Fried is expected to be extradited to the US perhaps as early as this week, according to a report. The former CEO of bankrupt crypto exchange FTX was in court this week and is expected not to fight extradition from the Bahamas. Previously, it was reported that Bankman-Fried was contesting extradition.
Fox News reporter Eleanor Terrett tweeted out that Bankman-Fried will be arraigned in US federal court, Southern District of New York, where there will be a new bail hearing. Bankman-Fried apparently cut a deal to make bail in exchange for extradition.
🚨BREAKING: @SBF_FTX has agreed to be extradited to the US and will be arriving either tonight or tomorrow. Two sources have informed @FoxNews he’s expected to be released on bail per pre-conditions his lawyer made with SDNY prosecutors in exchange for agreeing to extradition.
— Eleanor Terrett (@EleanorTerrett) December 19, 2022
Bankman-Fried is currently facing both criminal and civil charges in the US. He has been charged with eight criminal infractions, including money laundering and wire fraud. At the same time, both the SEC and the CFTC have filed civil charges against Bankman-Fried. More charges may be in the works – including with related parties/other executives.
FTX has reportedly lost $8 billion in funds after it comingled assets with Bankman-Fried-owned hedge fund Alameda Research. Once the second largest crypto exchange in the world, FTX is now winding down operations with several subsidiaries already in the process of being sold.
Some observers have predicted that other FTX executives have cut a deal with prosecutors to mitigate legal action, which may include prison time. Regardless, the once, high-profile crypto advocate is now a digital asset pariah, facing the possibility of years in jail.