Disgraced FTX Founder Agrees for US Extradition

UTC by Bhushan Akolkar · 2 min read
Disgraced FTX Founder Agrees for US Extradition
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SBF’s lawyer said that his client wants to put the customers right, and that is what has driven his decision and agreement to US extradition.

On Monday, December 19, Sam Bankman-Fried – the disgraced founder of crypto exchange FTX – was sent back to the Bahamas jail after a chaotic courtroom scene. As per multiple reports, the former FTX CEO has agreed to the extradition to the US to face charges.

Over the last weekend, the first reports suggested that SBF would consent to the US extradition. However, on Monday, the crypto billionaire told a different story while asking to see a copy of his federal indictment before agreeing to the extradition. For now, SBF has returned to the Fox Hill jail in The Bahamas instead of surrendering himself to US custody.

The legal team representing SBF said that they plan to prepare documents and would make him reappear before the Bahamas Magistrate Court ahead of this week. Last week, SBF’s legal team signaled that they would fight the extradition. But on Monday, they reported that SBF has changed his mind and has decided to submit himself for extradition.

The courtroom was quite chaotic on Monday. SBF’s Bahamian defense attorney Jerone Roberts said that he was shocked to see his client in court. “I did not request him to be here this morning,” the attorney said.

However, Franklyn Williams KC, the Bahamian prosecutor, added that he “understood that [Bankman-Fried] intended to waive extradition”. The FTX Founder arrived at the Bahamian court in a convoy of heavily guarded police vehicles.

SBF Agrees to the Extradition

SBF’s Bahamian defense attorney., Jerone Roberts, some of the top publications reported that the disgraced FTX founder agreed to the extradition.

Roberts said:

“Mr. Bankman-Fried wishes to put the customers right, and that is what has driven his decision. We as counsel will prepare the necessary documents to trigger the court”.

The development comes after SBF was remanded to the medical unit of the Fox Hill Prison. Reportedly, the conditions of the Fox Hill Prison have been “harsh” due to “overcrowding, poor nutrition, inadequate sanitation, poor ventilation, and inadequate medical care.”

Sam Bankman-Fried might face life in prison if convicted on just one of the eight charges that prosecutors have charged. However, his sentence could be reduced by mitigating factors. Former prosecutors and lawyers said that many white-collar defendants get lesser sentences than what the guidelines dictate.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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