Sam Bankman-Fried has signed extradition papers Sam Bankman-Fried has signed extradition papers
The former FTX CEO is one step closer to returning to the United States.
1 min read
Updated: Aug. 18, 2023 at 12:55 pm UTC
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Sam Bankman-Fried, founder and former CEO of FTX, has signed extradition papers, according to a report from Reuters on Dec. 20.
The news publication obtained a statement from Doan Cleare, Acting Commissioner of Corrections at Fox Hill Prison, indicating that Bankman-Fried had agreed to extradition. Cleare said that Bankman-Fried signed the documents around noon today.
Early reports suggested that Bankman-Fried and his legal team would fight against extradition to the U.S. However, reports yesterday suggested that Bankman-Fried had changed his stance and would cooperate with the extradition order.
Bankman-Fried has been held in the medical unit of Fox Hill Prison, the Bahamas’ only jail, since his arrest on Dec. 12. The exchange founder has attended numerous hearings in the Bahamas since then. His next hearing is scheduled for Wednesday, Dec. 21, at 11 a.m. EST. It is still unclear when he may be sent to the United States.
If Bankman-Fried returns to the U.S., he will face eight criminal charges, including fraud and money laundering. He will likely request bail upon arriving in the U.S. If bail is denied, he will likely be held in New York’s Metropolitan Detention Center, Brooklyn.
It has now been more than five weeks since the collapse of FTX, and the company remains locked in bankruptcy proceedings. Today, FTX’s replacement management team revealed that it had located more than $1 billion of assets, including $720 million in cash.
The management team will move those funds from FTX’s accounts to authorized depository institutions as part of the ongoing bankruptcy proceedings.
Update at 12:45 a.m. UTC: Sam Bankman-Fried is set to return to the U.S. on Wednesday following his upcoming hearing, according to reports from CNBC.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
