According to a story that was published by Reuters on December 20th, Sam Bankman-Fried, the founder of FTX and a former CEO of the company, has signed paperwork authorizing his extradition.
The news organization was able to secure a declaration from Doan Cleare, the acting commissioner of corrections at Fox Hill Prison, saying that Bankman-Fried had consented to be extradited. It was approximately midday today, according to Cleare, when Bankman-Fried signed the forms.
Initial accounts stated that Bankman-Fried and his legal team would fight against extradition to the United States. [Citation needed] Reports from yesterday, however, stated that Bankman-Fried had reversed his position and would now comply with the extradition order.
Since the 12th of December, when he was arrested, Bankman-Fried has been detained in the medical section of Fox Hill Prison, which is the sole prison in the Bahamas. Since then, the creator of the exchange has testified in a number of proceedings held in the Bahamas. His subsequent hearing is slated to take place on Wednesday, December 21, at 11 a.m. Eastern Standard Time. It is now unknown when exactly he will be sent to the United States.
In the event that Bankman-Fried returns to the United States, he will be subject to eight felony accusations, some of which include fraud and money laundering. Upon his arrival in the United States, a bail hearing is almost a certainty. Should his request for bail be refused, it is probable that he would be detained in the Metropolitan Detention Center in Brooklyn, New York.
More than five weeks have passed since the fall of FTX, and the firm is still mired in the processes associated with filing for bankruptcy. Today, the new management team for FTX said that it had discovered more than $1 billion worth of assets, including $720 million in cash.
As part of the current bankruptcy process, the management team will transfer the money from FTX’s accounts to permitted depository institutions. Those funds will be moved from FTX’s accounts.
