Sam Bankman-Fried Agrees to US Extradition
Share this article
An editor at Coincrop
19 Dec 2022 | 3 min read
fter spending a handful of nights in Bahamian Jail, Sam Bankman-Fried reversed his decision to contest the US Extradition Request.
Sam Bankman-Fried, former CEO of the collapsed FTX cryptocurrency exchange and Alameda hedge fund chose to oppose an extradition demand from the US government regarding his primary role in defrauding thousands of investors during the FTX disaster. After a few nights at a Bahamian prison however, he has changed course and agreed to be extradited back home to United states.
Last Monday, the 30-year-old was apprehended in the Bahamas and his attorney claimed that he should stay at home until a hearing on extradition took place. Nonetheless, Chief Magistrate JoyAnn Ferguson-Pratt dismissed this petition and remanded him to Fox Hill Prison for detainment.
In 2021, the US State Department's report on Fox Hill prison revealed a bleak outlook. Reports indicated overcrowding, rodent infestation and prisoners having to resort to buckets as toilets. Despite this grim situation, Bahamian authorities have since committed to improving conditions at the facility.
When Bankman-Fried faces a court hearing in Manhattan, US prosecutors will likely contend he should be denied bail as there is potential for him to have access to hidden assets with which he could potentially use to escape the country.
Bankman-Fried's motives behind consenting to extradition remain hazy; however, it is assumed that he concluded it would be prudent of him to accept the process over risking a long and uncertain extradition legal battle. He will soon return back home in America for his first court hearing, yet as reported by Reuters, his trial won't take place until at least a year from now.
CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.
Compare over 47,226 CeFi and DeFi products across more than 226 organizations here