Bloomberg reported today that FTX founder, Sam Bankman-Fried, is expected to be extradited to the United States. The former CEO of the platform had previously contested extradition but is now reversing that decision, according to the newest report.
Bankman-Fried has already been indicted on eight charges by United States’ prosecution. Moreover, facing charges of fraud and conspiratorial actions, he is expected to be extradited as early as Monday.
Bankman-Fried Revereses Extradition Contest
The Sam Bankman-Fried saga has been one of the most interesting and tragic tales in the youthful cryptocurrency industry. A former wunderkind, Bankman-Fried had built up one of the most prominent cryptocurrency exchange platforms in the world. Ultimately, it crumbled under the uncovering of a multi-year fraud scheme implemented by the 30-year-old.
Last week saw Bankman-Fried taken into custody by Bahamian authorities following indictment by United States prosecution. Currently, Bankman-Fried is being held at the infamous Fox Hill Prison and was expected to stay there after he contested extradition to the United States.
That contestment is now being reversed, according to a new report from Bloomberg. Additionally, Bankman-Fried is expected to be extradited to the United States as early as Monday, according to people close to the matter.
Bloomberg notes that Bankman-Fried is, “Expected to disclose that he won’t fight extradition in a court appearance in Nassau.” Furthermore, stating that he is facing criminal charges in America, following a week spent in Bahamian custody.
Following reports of Bankman-Fried’s fraudulent activity within FTX, the former CEO went on a press tour declaring his innocence. Decidedly proclaiming his ignorance as the premier evidence of his non-compliance in criminality that occurred at the exchange. Those interviews peaked into the very public arrest last week and the plethora of charges filed in just one month of reports.