Disgraced FTX founder Sam Bankman-Fried initially appeared ready to fight extradition to the United States but is now expected to leave on Wednesday.
Sam Bankman-Fried is reportedly preparing to leave The Bahamas 10 days after his arrest, after agreeing to US extradition.
According to NBC News, citing a Bahamas prison official, the former CEO signed off on extradition documentation and is expected to fly to the US on Wednesday.
A source told Blockworks earlier this week that Bankman-Fried was planning to consent to extradition and would first appear in federal court in the Southern District of New York.
Acting Bahamas Commissioner of Corrections Doan Cleare described the former crypto billionaire’s demeanor at the time of his consent, telling local outlet The Tribune that he wasn’t uncomfortable and was “ready to go.”
Cleare added that Bankman-Fried provided no explanation for agreeing to waive his right to contest extradition after initially declining. However, the process can take years, and he “probably was unwilling to be here for four, five years,” according to Cleare.
Others have speculated that Bankman-Fried chose US extradition because he could no longer bear The Bahamas’ facility, which has been known to be overcrowded, despite Bankman-denials. Fried’s
Bankman-Fried will most likely be held at the Metropolitan Detention Centre in Brooklyn, according to New York criminal defence lawyer Zachary Margulis-Ohnuma. Ghislaine Maxwell, the convicted child molester, was once imprisoned at the same facility.
“If there isn’t enough space at that jail, he could be transferred to one of the local jails in New Jersey or Westchester that rent space to the federal government,” Margulis-Ohnuma said.
Bankman-spokesperson Fried’s did not respond to Blockworks’ request for comment by press time.
Prior to his arrest last week, Bankman-Fried reportedly led a lavish lifestyle at Albany, a 600-acre luxury resort on the Bahamian island of New Providence.
According to Fortune, he shared a $30 million penthouse in the resort’s seaside Orchid residence with nine other FTX colleagues.
Jerone Roberts, his lead counsel in the United States, told reporters that Bankman-voluntary Fried’s extradition agreement went against “the strongest possible legal advice,” according to the New York Times.
According to the Nassau Guardian, Bankman-Fried was denied bail and remanded to the correctional facility until February 8. Bankman-Fried will be able to apply for bail again once he arrives in the United States.
US prosecutors in Manhattan have filed eight criminal counts against the FTX founder, including wire fraud and money laundering. The SEC filed a separate case alleging intent to defraud FTX’s equity investors in the United States.
If convicted of all eight federal indictment charges, Bankman-Fried faces a prison sentence of up to 115 years.
