FTX Founder to Be Extradited to US Soon... Changes Mind, Will Agree to Extradition

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Sam Bankman-Fried, the founder of FTX, one of the world's top three cryptocurrency exchanges, who was arrested in the Bahamas, is expected to agree to extradition to the United States, multiple major foreign media outlets reported on the 18th (local time), citing multiple sources.

According to reports, Bankman-Fried is expected to appear in a Bahamian court on the 19th and respond by agreeing to the extradition to the United States without legal dispute. This marks a change of heart from his earlier indication of legal resistance. After spending a day in police custody, Bankman-Fried was transferred to the notorious Fox Hill Prison, and it is understood that he made this decision during his incarceration.

Bankman-Fried was arrested in the Bahamas on the 12th, about a month after FTX filed for bankruptcy protection last month. The U.S. Southern District of New York Federal Prosecutor's Office announced in an indictment released the following day that Bankman-Fried faces eight charges, including criminal fraud, internet banking fraud, money laundering, and illegal campaign contributions.

It is understood that Bankman-Fried raised billions of dollars from FTX investors and diverted the funds to his affiliate Alameda Research, then used them for undisclosed venture investments, luxury real estate purchases, and large political donations. If all the charges are proven in court, he could face up to 115 years in prison.

With his agreement to extradition, related trials are expected to accelerate. Bankman-Fried is anticipated to appear in court immediately after being transferred from the Bahamas to the United States. Currently, the case is assigned to Judge Ronnie Abrams of the U.S. District Court. Some media outlets have reported that Bankman-Fried may request bail. In addition to the U.S. prosecutors, financial authorities such as the Securities and Exchange Commission (SEC) have also filed civil lawsuits against Bankman-Fried for investor fraud.

Bankman-Fried's legal team, which previously stated they were reviewing all charges and legal options, did not respond to requests for comment regarding this report.

This content was produced with the assistance of AI translation services.