FTX founder expected to drop fight against extradition to US
FTX founder Sam Bankman-Fried, center left, is escorted out of Magistrate Court into a Corrections van, following a hearing in Nassau, Bahamas, Monday, Dec. 19, 2022.
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.
“We want him to feel the weight of what he’s done,” said Ben Armstrong, the founder of the BitBoy Crypto website. Armstrong said he’d come to the courthouse with a dozen people, some of whom had lost their money with FTX. Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail. A separate judge in the Bahamas denied Bankman-Fried’s request for bail last week on the grounds he was a flight risk.
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