Sam Bankman-Fried Signs Extradition Papers to the US

Sam Bankman-Fried (SBF), the disgraced founder of bankrupt crypto exchange FTX has now signed the relevant papers paving way for his extradition to the United States.

According to a report by the New York Post citing, Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in The Bahamas, the paperwork was signed on December 20 ahead of the court hearing on Wednesday

This development does not come as a surprise as SBF had agreed to be extradited to the US after his legal team planned to make him reappear in court. This is the latest development in the unfolding series of events following the sudden collapse of the once-valued $32 billion crypto exchange.

With this update, SBF will now certainly be flown to the US where he’ll face criminal charges against him after he was indicted by a jury in the Manhattan Federal Court for allegedly mishandling customer funds.

SBF’s fall from grace

SBF is currently held in Fox Hill Prison in the Bahamas after he was arrested on December 12 in the Bahamas where he lives at the request of the United States. He is held on charges of money laundering and conspiracy to commit wire fraud amongst other changes. 

A day after his arrest, a Bahamian Judge fearing that SBF could become a fugitive dismissed a parole plea for SBF. However, SBF will most likely request bail once he arrives in the US having been denied that privilege in the Bahamas.

Meanwhile, the family of the disgraced ex-CEO has since called officials of the Fox Hill Correctional Center which is notorious for its harsh conditions to request that he be served only vegan meals.

Since the sudden fall of FTX which has had a negative blowback effect on the industry, the erstwhile CEO and the exchange itself have been subject to intense scrutiny from several regulatory authorities after the exchange filed for bankruptcy. The 30-year-old who once was worth over $15 billion as of last October could see up to 115 years in prison if convicted of all the charges against him.