FTX founder Sam Bankman-Fried will not challenge extradition to the United States, where he faces charges of fraud and money laundering. Reuters reports, citing its own sources.
On December 12, Bahamian arrested Bankman-Fried at the request of U.S. law enforcement.
The U.S. prosecutors charged the former head of the exchange eight criminal counts, including conspiracy and wire fraud. Taken together, he could face up to 115 years in prison.
FTX founder has also faced lawsuits from U.S. regulators. SEC an organization of a fraudulent scheme, deceiving investors and misusing client funds. CFTC charged him with violations of the Commodity Exchange Act.
On December 14, a Bahamian court denied Bankman-Fried’s motion for bail of $250,000, citing a high risk of flight. He remains in custody at Fox Hill Prison, known for poor conditions.
According to Reuters, on Monday, December 19, Bankman-Fried will issue a statement in which he will say he will not contest extradition to the United States. Initially, Bankman-Fried’s lawyers planned to file a motion to block the proceedings.
Earlier, Ryan Salame, head of FTX’s Bahamian unit, warned the local regulator about potential fraud by the company two days before the bankruptcy filing.
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