FTX founder Sam Bankman-Fried agrees to U.S. extradition from Bahamas

Click to play video: 'FTX founder Bankman-Fried arrives at Bahamas court as extradition looms'
FTX founder Bankman-Fried arrives at Bahamas court as extradition looms
Sam Bankman-Fried left a Bahamas correctional facility and arrived in court on Wednesday, a day after the founder of the FTX cryptocurrency exchange signed papers paving the way for his extradition to the United States, where he faces fraud charges – Dec 21, 2022

Sam Bankman-Fried told a Bahamian court Wednesday that he has agreed to be extradited to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX.

The former FTX CEO left a Magistrate’s Court and headed to Odyssey Aviation to return to the United States, according to Bahamian news organization Our News.

Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.

The 30-year-old could potentially spend the rest of his life in jail.

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Click to play video: '2 Bankman-Fried associates plead guilty to fraud: U.S. prosecutor'
2 Bankman-Fried associates plead guilty to fraud: U.S. prosecutor

Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, is being held in the Bahamas’ Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.

Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.

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