Disgraced FTX founder and Democrat super donor Sam Bankman-Fried has agreed to be extradited to the United States from the Bahamas, where he’s currently being held under charges of fraud.
The Washington Post reports that Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, has agreed to be extradited to the United States from the Bahamas, where he’s currently being held under charges of fraud.
(Rafael Henrique, Jeenah Moon/Bloomberg via Getty Images)
Sam Bankman-Fried, who is 30 years old, is facing a range of criminal and civil charges. These include accusations of conspiracy, fraud, money laundering, and violating campaign finance laws. Legal experts believe that his extradition could help resolve the criminal and civil cases pursued by the U.S. government more quickly. The failed company’s bankruptcy filing revealed a wide variety of outrageous corporate activities under SBF’s watch.
According to Eric Lewis, a lawyer considered an expert on extraditions, Sam Bankman-Fried’s choice to agree to extradition may have been influenced by his desire to avoid spending an extended period in a Bahamian jail, which are known for having poor conditions. Bankman-Fried has the right to contest the extradition in court, but prosecutors may view this negatively when deciding on bail and potential sentencing.
Bankman-Fried was indicted in a U.S. federal court following his arrest on charges of participating in a scheme to defraud FTX customers. This allegedly involved transferring their cryptocurrency assets to cover debts and expenses incurred by his hedge fund, Alameda Research. He is also accused of using customer funds to invest in other businesses and make political donations. It appears that a significant amount of money is unaccounted for.
A prison official who has had direct contact with Sam Bankman-Fried has reported that the accused has spent his time since his arrest watching movies and reading news, largely about himself. According to this source, Bankman-Fried had been hopeful that his legal team would be able to secure him bail, even after it was initially denied by a judge due to concerns that he posed a flight risk due to his access to “substantial resources.”
His lawyers subsequently filed a new application for bail with the Bahamas’ supreme court, which scheduled a hearing for January 17. The Washington Post has reported that by Friday, Bankman-Fried was considering giving up his efforts to contest extradition and instead facing charges in the United States.
Read more at the Washington Post here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
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