Sam Bankman-Fried aka SBF, founder and former CEO of the bankrupt crypto exchange FTX, was arrested in the Bahamas last week at the request of U.S. authorities. Since the court denied him the requested release on bail, he had to sit in the notorious Fox Hill prison. This is likely to have led him not to invoke extradition to the U.S. He is expected to be flown to the U.S. today where he will face trial on the charges, according to a CNBC report. A release on bail does not seem likely.
The FTX founder allegedly signed extradition papers in the Bahamas and will return to the U.S. today, CNBC reports. As reported, SBF faces eight federal charges, including wire fraud, securities fraud and money laundering, related to the collapse of his crypto exchange, which sank into bankruptcy last month.
The U.S. Attorney’s Office for the Southern District of New York argued that SBF misappropriated $8 billion worth of customer assets for extravagant real estate purchases and vanity projects, including stadium naming rights and millions in political donations.