FTX’s Sam Bankman-Fried Extradition Approved Paving Way for US Return

FTX’s Sam Bankman-Fried has formally waived his right to challenge extradition, paving the way for his return to the United States.

“I do wish to waive my rights to formal extradition proceedings,” Sam Bankman-Fried said in court earlier today. Bankman-Fried had arrived at the Nassau courthouse under heavy police protection the night before after signing preliminary extradition documents.

Last week, authorities in the Bahamas apprehended Sam Bankman-Fried. The US Department of Justice has charged him with several crimes.

He was held at Fox Hill, a correctional facility on Nassau’s outskirts, for the duration of his detention. According to a 2021 State Department report, the facility is “harsh.”

Bankman-Fried, dressed in a blue suit, white shirt and socks, and brown leather shoes with the laces removed, told the judge he was “doing well” despite his confinement conditions. Bankman-attorney Fried’s stated that his client had eaten and was in good health, but that he was “anxious to leave.”

Although Bankman-Fried had intended to fight extradition, his plans changed when he learned he would be granted bail in the United States. He also made the decision out of a “desire to make the relevant customers whole,” according to an affidavit. Sam Bankman-attorney Fried’s also requested that the “rule of specialty” be applied to their client. This is used to try a person only on extradition-related charges.

Serville stated that he was satisfied that Bankman-decision Fried’s was not “forced, coerced, or threatened,” and that all legal requirements for extradition had been met. “As a result, I formally commit you to custody pending your extradition,” he said. Serville has now forwarded the case to the country’s foreign minister for approval.

Meanwhile, federal authorities from the United States, including the FBI and the United States Marshals Service, have already arrived in Nassau in anticipation of Bankman-return. Fried’s Sam Bankman-Fried could arrive in the United States on the same day, depending on the speed with which the foreign minister grants his approval. Sam Bankman-Fried will almost certainly be arraigned there. His lawyers may present a case for him to be granted bail at this time.

Sam Bankman-Fried is required by US law to appear in court in Manhattan within two days of his arrival. During this preliminary hearing, his charges will be read aloud. Bankman-Fried is accused by federal prosecutors of stealing billions of dollars in FTX customer assets to cover losses at his hedge fund, Alameda Research.

If Sam Bankman-Fried arrives in New York after court, he will almost certainly be held overnight within the court complex. If bail is denied, Sam Bankman-Fried could be detained at a pre-trial facility, such as Brooklyn’s notorious Metropolitan Detention Center.