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According to the latest reports, the convicted FTX co-founder Sam Bankman-Fried has given clear indications that he is getting ready to be extradited to the United States from the Bahamas, as early as Monday. After being detained in Nassau the previous week, Bankman-Fried is scheduled to appear in a court in the Bahamas, where it is anticipated that he would consent to be extradited to the U.S. in order to face allegations of fraud.
SBF Ready For U.S. Extradition
The former chief executive officer of the FTX crypto exchange, has been detained in the Bahamas since last Monday, when he was arrested at the request of U. S. prosecutors in Manhattan.
The officials have accused SBF of a variety of crimes, including wire fraud, and have therefore asked for his extradition to the United States.
SBF’s Detention In Nassau
The 30-year-old crypto mogul has been detained at the Fox Hill Prison in Nassau since his arrest and subsequent rejection of bail by a court in the Bahamas.
The institution has been heavily criticized in international assessments for having an inadequate sanitation system and an excessive number of occupants.
Read More: How Much Of Sam Bankman-Fried’s Donations Are U.S. Politicians Giving Up?
Bankman-Fried is also facing civil charges from the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which allege that he deceived investors and transferred customer funds that were entrusted to the FTX exchange to his private trading company, Alameda Research.
Change of Stance If No Bail
Initially, Bankman-Fried refused to surrender his right to contest extradition to the U.S., but the crypto founder is anticipated to change his mind as soon as Monday if his request to be released on bail is denied, according to reports.
Read More: CEO John J. Ray III Claims “Embezzlement” Root Cause Of FTX Collapse
Although, Bankman-Fried has acknowledged risk management failures at FTX, he has continually denied his involvement in any of the wrongdoings.
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