FTX: Sam Bankman-Fried’s extradition to the United States begins

• SBF will be extradited to the United States tonight
• The former CEO will be presented in Manhattan court within 48 hours of arrival in the country

Sam Bankman-Fried’s – founder and former CEO of FTX – extradition to the United States has begun. According to a statement issued by Attorney General Sen. Ryan Pinder – SBF will be extradited on Wednesday i.e., tonight. The press release said,

“The Bahamas has determined that the provisional arrest, and subsequent written consent by SBF to be extradited without formal extradition proceedings satisfies the requirements of the Treaty and our nation’s Extradition Act.”

Notably, the news comes a day after Bankman-Fried refused to fight the extradition decision in Nassau court. The founder was arrested in the Bahamas a month after FTX filed for bankruptcy. The arrest took place after the U.S. government filed criminal charges against SBF.

The ex-boss has been held at Fox Hill, an infamous prison in Nassau, Bahamas. However, according to the latest report by Bloomberg, SBF’s stay in the prison was luxuries, despite the prison’s grim picture. The former CEO received special treatment at Fox Hill, where he had access to TV, crossword puzzles, vegan food, air conditioner, newspaper, and more.

The case against Sam Bankman-Fried

The case is led by the United States Attorney General for the Southern District of New York – Damian Williams. In addition, Sam Bankman-Fried is charged with conspiring to commit wire fraud, commodities fraud, securities fraud, money laundering, and more.

Notably, once Sam Bankman-Fried arrives in the United States, he will be arraigned in Manhattan’s Federal District Court. Here, the court would hear SBF’s plea and decide on whether or not to grant bail. While the exact time of the court hearing is unclear, it will take place within 48 hours of SBF’s arrival in the country.

Interestingly, SBF could be granted bail upon his arrival in New York, according to the NYTimes. His legal team has reportedly been in talks with the federal prosecutors, with the deal assuring him bail with highly restrictive conditions. Moreover, there are also other conditions discussed for bail with the prosecutors.