After signing the documents, Sam Bankamn-Fried will be handed to the Federal Bureau of Investigation (FBI).
Sam Bankman-Fried, a co-founder and a former CEO of now-bankrupt cryptocurrency exchange FTX, has reportedly signed documents agreeing to be extradited to the United States.
Multiple American news portals covered the news, with ABC News reporting that Bahamas’ acting commissioner of corrections, Doan Cleare confirmed the news. Bankaman-Fried had allegedly signed papers on December 20th.
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Another news report published by Bloomberg stated that after signing the first batch of documents on December 20th, Bankman-Fried should put his signature on another set of documents on December 21st. After doing that, the man will waive the right to fight extradition.
It is believed that after signing the last batch of documents, Bankman-Fried can be handed to the Federal Bureau of Investigation (FBI) on the same day. If it is the case, the man will be transported to a private airport and put on a private plane flying him to the United States to face the US Attorney for the Southern District of New York.
According to the report shared by the New York Times, Bankman-Fried’s legal team is allegedly holding discussions with federal prosecutors to allow the former FTX CEO to be released on bail.
The person familiar with the matter revealed that if federal prosecutors agree to release SBF on bail, the man will have to follow “highly restrictive conditions,” like electronic monitoring or home detention.
The mastermind behind FTX is facing around 115 years in prison if the court finds him guilty of all counts. It is worth remembering that the Department of Justice accuses SBF of being involved in wire fraud, money laundering, commodities and securities fraud and campaign finance violations.
Nevertheless, the Securities and Exchange Commission and the Commodity Futures Trading Commission press charges for violating commodity laws and defrauding investors.
It is worth noting that on December 19th, the news broke that Sam Bankman-Fried agreed to be extradited to the United States.