Former FTX CEO Sam Bankman-Fried Should Waive Bahamian Extradition: Sources

Sam Bankman-Fried, who faces charges in the United States following the collapse of his cryptocurrency company, FTX, is willing to waive extradition from the Bahamas during a court appearance which could take place as early as Monday, said several sources familiar with the matter. ABC News.

Federal prosecutors in New York charged Bankman-Fried, 30, in an eight-count indictment with stealing billions of dollars from FTX clients and investors and using them to pay off debts and spending his private hedge fund, Alameda Research, to buy lavish real estate and make $35 million in political donations.

A judge denied Bankman-Fried bail in the Bahamas, where he was arrested Dec. 12 and held in the medical ward of Fox Hill Jail on the island.

Sam Bankman-Fried, who founded and ran FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate’s Court building after his arrest in Nassau, Bahamas , on December 13, 2022.

Dante Carrer/Reuters

Initially, Bankman-Fried refused to waive his right to challenge extradition to the United States, but, according to the sources, the crypto executive is expected to reverse his position as early as Monday.

This is a developing story. Please check for updates.

ABC News

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