February 5, 2023

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Sam Bankman Fred would have agreed to extradite him to the United States, where he faced the risk of life in prison

Sam Bankman Fried He agreed to extradite him to the United States, where he was accused of defrauding investors FTP extensionwhich is the cryptocurrency exchange he founded and of which he was the CEO until a few weeks ago.

The US government accused SBF of defrauding investors and, in particular, of funneling about $8 billion in deposits from clients of the exchange into the accounts of Alameda, its second company formally independent of the exchange, but which it actually acted in as its own. Trade department.

According to Reuters news agency, Fred Bankman will appear before Bahamas judges (where he used to live and where his companies are) today. On that occasion, the disgraced billionaire must ask the Bahamian authorities to change his status, so that he can it was delivered. He initially sought and received protection from legal authorities, who said they opposed the premise of his extradition to the United States.

Also according to Reuters, Bankman Fried should accompany direct to New YorkThe residence of the public prosecutor against whom the indictment has been charged. The trial should happen relatively quickly: He will be taken into custody by local police and temporarily held at the Metropolitan Detention Center in Brooklyn. The first hearing for the trial that finds him charged with — among other counts — fraud, embezzlement, and money laundering must take place within 48 hours of his arrival in the United States.

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It is possible that the SBF will want to apply for bail, but it is also likely that it will be refused – given the high risk of flight. After all, he was refused bail by the Bahamian authorities, who have so far proven to be more lenient on him than his counterparts in the United States.