FTX Founder Will Not Contest Extradition to the US: Report

The founder of the now bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, has changed his mind about contesting extradition.

According to a report from Reuters on December 17 citing a source with knowledge of the situation, the founder of the now bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried has changed his mind about contesting extradition. 

The former FTX executive was stated to appear in a court in the Bahamas on December 19 to seek a reversal. Bankman-Fried would be entitled to make an appearance before a court in the United States if he agreed to his extradition. 

He is accused of conspiracy to perpetrate wire fraud on clients and lenders in addition to securities fraud, commodities fraud, money laundering, and conspiracy to deceive the United States and violating the campaign finance law. 

The former Chief Executive Officer of FTX has retained the services of Mark Cohen, a former federal prosecutor, to represent him in legal matters. Cohen is the co-founder of Cohen & Gresser and was on the team that defended Ghislaine Maxwell in the high-profile child trafficking case. 

The legal team for the former CEO contended that SBF was depressed and sleep deprived and also there is no criminal record against him. Therefore, he is not much of a “flight risk,” as per the lawyers.

FTX Founder’s Bail Denied

This comes after the SBF had his bail application turned down on December 13 due to a “risk of flight.” According to reports, a second application for parole was submitted to the Supreme Court of the Bahamas on December 15.

Meanwhile, following his detention in the Bahamas at the request of the United States, Bankman-Fried is currently being held in the United States.
At the moment, he is kept in the Fox Hill Prison, which is the sole institution of its kind in the Bahamas. 

A 2021 report by the US Department of State stated that living conditions in Fox Hill were “harsh,” with overcrowding, poor hygiene, and inadequate food. Allegations of physical abuse against detainees by corrections officers have been made.

 

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