FTX Founder SBF Agrees to US Extradition By Signing Paper

Disgraced FTX founder Sam Bankman-Fried has finally decided to drop his fight against extradition to the United States. As per the latest report from ABC News, SBF who’s currently in the Fox Hill jail of The Bahamas has agreed to his extradition to the US on multiple charges.

Reports suggest that SBF has signed his extradition paper and a hearing for the same will happen on Wednesday in Nassau. The development has been confirmed by Bahamas Acting Commissioner of Corrections Doan Cleare.

After signing his surrender documents on Tuesday, the Bahamas Commissioner said that SBF will sign a separate set of papers and finalize his waiver of rights to fight extradition.

Interestingly, the Federal authorities are looking to fly back SBF to the U.S. soon after Wednesday’s hearing. The Bloomberg report notes that the disgraced FTX founder will be accompanied to the US by FBI agents in a non-commercial aircraft. Another source familiar with the matter said that the plane will leave from a private airport in The Bahamas.

Not A Good Christmas for SBF

Sam Bankman Fried has been facing severe charges over the misuse of customers’ funds at FTX which led to a dramatic collapse of a $32 billion company. Some previous reports suggest that SBF might face 115 years of prison which is equivalent to life imprisonment.

After getting earlier this month, the Bahamian court also denied bail to SBF last week. Since then, he’s been placed in one of the most notorious jail facilities of the island nation i.e. Fox Hill.

On Wednesday, the Bahamian authorities will escort Sam Bankman-Fried from the prison to the court. Although initially hesitant, SBF has agreed to the extradition to the U.S. This change in attitude might be partly due to the expectation that SBF could get bail in the US. So far, it isn’t clear where SBF is planning to land on Wednesday.

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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