Sam Bankman-Fried may be ready to come to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX following a chaotic court appearance in the Bahamas
A lawyer for Bankman-Fried was quoted as saying Monday that the disgraced FTX founder has agreed to be extradited to the United States. A court hearing was stopped earlier in the day when his attorneys said it was premature for him to stand before the court.
Bankman-Fried was expected to tell Judge Shaka Servillea that he will not fight extradition to the U.S., where he faces multiple criminal and civil charges related to FTX’s collapse. Bahamian authorities arrested Bankman-Fried last Monday 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.
If he is brought to New York, Bankman-Fried will likely be held, at least temporarily, in a federal detention center in Brooklyn. Other famous prisoners at the Metropolitan Detention Center in recent years have included the sexually-abusive singer R. Kelly, the pharmaceutical company executive Martin Shkrelli and the socialite Ghislaine Maxwell, who was convicted of helping the millionaire Jeffrey Epstein sexually abuse children.
Bankman-Fried’s downfall, from crypto evangelist to pariah, occurred with stunning speed. FTX filed for bankruptcy protection on Nov. 11 when it ran out of money after the cryptocurrency equivalent of a bank run.
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