Former FTX CEO Sam Bankman-Fried, who has been in the custody of authorities in the Bahamas, faces extradition to the United States following a hearing. According to reports, Sam Bankman-Fried appeared in a hearing of The Bahamas Magistrate Court on Dec. 21 — the third since his arrest — where he waived his right to […] The post Sam Bankman-Fried One Step Closer to US extradition appeared first on CryptosRus.

Sam Bankman-Fried One Step Closer to US extradition

Former FTX CEO Sam Bankman-Fried, who has been in the custody of authorities in the Bahamas, faces extradition to the United States following a hearing.

According to reports, Sam Bankman-Fried appeared in a hearing of The Bahamas Magistrate Court on Dec. 21 — the third since his arrest — where he waived his right to a formal extradition process that could have taken weeks. Officials from the U.S. Embassy, Federal Bureau of Investigation, and U.S. Marshals Service were reportedly in attendance to facilitate the handover of Sam Bankman-Fried, to which he had first signed papers on Dec. 20.

Reuters reported that the Sam Bankman-Fried legal team said the former CEO was “anxious to leave” The Bahamas. Jerome Roberts, on Sam Bankman-Fried’s legal team, reportedly heard SBF say on Dec. 19 his decision was driven by wanting “to put the customers right.” Over one million creditors from FTX have not had access to their funds for weeks.

Officials in The Bahamas arrested Sam Bankman-Fried on Dec. 12 as part of extradition proceedings with the U.S., where he faces charges from the Justice Department related to defrauding investors and lenders, as well as complaints from the Commodity Futures Trading Commission and Securities and Exchange Commission. Before SBF’s resignation on Nov. 11, FTX and associated individuals allegedly violated campaign finance laws with “dark money” donations and used customer assets to fund investments at Alameda Research.

After being denied bail, Sam Bankman-Fried has spent more than a week in the custody of The Bahamas’ Fox Hill Prison, a facility with previously reported cases of physical abuse against prisoners and “harsh” conditions. He would likely be entitled to another bail hearing as part of court proceedings in the U.S. once his extradition was completed.

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The post Sam Bankman-Fried One Step Closer to US extradition appeared first on CryptosRus.