FTX Founder Agrees to US Extradition: Report

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Sam Bankman-Fried, the ex-CEO of FTX, who is currently in Bahamian detention, is said to have accepted to be extradited to the United States to face prosecution.

Reuters reported on Dec. 19 that Bankman-Fried’s legal team planned to make him reappear in court this week by filing the necessary paperwork.

The former FTX CEO had appeared in court for an emergency hearing just hours before, but there was no apparent ruling or judgment, and he was sent back to prison thereafter.

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According to Jerome Roberts, a member of SBF’s legal team: 

“Mr. Bankman-Fried wishes to put the customers right, and that is what has driven his decision.”

As per the reports, the founder of FTX initially refused to submit to his extradition to the US because he wanted to examine the charges against him. 

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He is accused of breaking campaign funding laws and scamming investors and lenders by the Justice Department, the Commodity Futures Trading Commission, and the Securities and Exchange Commission. In the event of conviction, he faces a possible 115-year prison term.

Ex-CEO of FTX Currently in Fox Hill Prison

Reportedly, the family of Sam Bankman-Fried, the former CEO of FTX exchange, has requested that he should be given only vegan meals as he is being held in the single prison in the Bahamas, Fox Hill at present.

In a 2021 report, the United States Department of State described the conditions of life in Fox Hill as “harsh,” citing issues such as congestion, dirty living conditions, and a lack of food. Inmates have accused prison personnel of abusing them physically.

Bahamian officials rejected SBF parole on December 13, 2022, citing a “great” fugitive risk. In connection with extradition procedures with the United States, the Bahamian police arrested the former FTX executive on December 12. 

Bankman-Fried, who has said he is “willing” to come before the US authorities on December 13 to testify, has recently revealed plans of opening another business.

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