Sam Bankman-Fried's Extradition Approved: When Will He Land In The US?

Zinger Key Points
  • Sam Bankman-Fried is returning to the U.S. to face criminal charges related to the failure of FTX.
  • The disgraced co-founder may face charges as early as Wednesday afternoon.
Sam Bankman-Fried's Extradition Approved: When Will He Land In The US?

Sam Bankman-Fried is returning to the U.S. to face criminal charges related to the failure of the FTX FTT/USD  after a judge authorized his extradition from the Bahamas.

Bankman-Fried, who has been imprisoned since his arrest last week, has decided not to fight extradition, The Wall Street Journal reported.

Authorities in the U.S. have accused Bankman-Fried of allegedly conducting or conspiring to perpetrate fraud on FTX's clients and lenders, money laundering and a conspiracy to defraud the U.S., as well as breaking rules governing campaign financing disclosure.

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The disgraced former CEO and co-founder of the defunct Bahamas-based cryptocurrency exchange was detained at his condominium in the country’s capital last week and at first resisted extradition to the U.S.

Bankman-Fried was remanded to imprisonment in the overcrowded and hazardous Fox Hill prison in the Bahamas after a magistrate judge rejected his request for bail.

After spending less than a week in Bahamian detention, Bankman-Fried appeared in court on Monday to request Judge Shaka Serville, a new magistrate judge, extradite him to the U.S.

Bankman-Fried was sent back to Fox Hill as the hearing seemed to surprise both the Bahamian prosecutors and Bankman-Fried's local attorney, Jerone Roberts.

During the hearing on Wednesday, Bankman-Fried's plea was ultimately granted.

Although the exact time of Bankman-Fried's extradition is still unknown, the New York Times stated he might show up as early as Wednesday afternoon, at which point he would be charged in Manhattan's Federal District Court.

Bankman-Fried was charged with eight felonies, and if found guilty of all of them, he may receive a life sentence.

Read Next: FTX May Try To Claw Back All Payments, Political Contributions Made By Former Execs

Photo: Cointelegraph, Wikmedia Commons

Posted In: CryptocurrencyNewsLegalTop StoriesHotMarketsBahamascrimeFTXSam Bankman-Fried

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