FTX founder is not going to battle US extradition

FTX founder is not going to battle US extradition
FTX founder is not going to battle US extradition

Sam Bankman-Fried plans to drop his battle in opposition to extradition to the US to face a spread of felony fees, in accordance with individuals aware of the matter.
The disgraced co-founder of crypto alternate FTX has been locked up within the Bahamas since final Monday when he was arrested on the request of American authorities. US prosecutors have accused him of a spread of crimes together with wire fraud.
Bankman-Fried is anticipated to reveal that he will not battle extradition in a courtroom look subsequent week, stated the individuals who requested to not be named as a result of sensitivity of the matter. Before his arrest, in quite a few interviews following FTX’s implosion final month, the 30-year-old denied knowingly committing fraud or breaking the legislation.
At his first courtroom look, Bankman-Fried’s attorneys stated he would battle being despatched again to the US. If convicted of all the fees in opposition to him, Bankman-Fried may face many years behind bars. A consultant for Bankman-Fried declined to remark. The reversal in plans to battle extradition was first reported by Reuters.
After being denied bail at a courtroom look on Tuesday, Bankman-Fried was despatched to a infamous correctional facility on the outskirts of Nassau referred to as Fox Hill. It wasn’t instantly clear what had induced Bankman-Fried to shift his stance. Authorities in each the Bahamas and the US are persevering with to probe Bankman-Fried’s involvement in FTX’s collapse final month. The agency was headquartered within the Bahamas. bloomberg

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