Former FTX CEO Sam Bankman-Fried, who has been within the custody of Bahamian authorities, faces extradition to america following a listening to.

In line with stories, Bankman-Fried appeared in a listening to of The Bahamas Justice of the Peace Court docket on Dec. 21 — the third since his arrest — the place he waived his proper to a proper extradition course of that would have taken weeks. Officers from the U.S. Embassy, Federal Bureau of Investigation, and U.S. Marshals Service had been reportedly in attendance to facilitate Bankman-Fried’s handover, to which he had first signed papers on Dec. 20.

Reuters reported that SBF’s authorized staff stated the previous CEO was “anxious to depart” The Bahamas. Jerome Roberts, on Bankman-Fried’s authorized staff,reportedly heard SBF sayon Dec. 19 his choice was pushed by wanting “to place the shoppers proper.” Over a million collectors from FTX haven’t had entry to their funds for weeks.

FTX founder Sam Bankman-Fried has signed authorized papers paving the best way for his extradition from The Bahamas to the U.S., the place he faces fraud prices over the cryptocurrency trade’s collapse https://t.co/D6z3I08l0t pic.twitter.com/gmVGnq18it

— Reuters (@Reuters) December 21, 2022

Officers in The Bahamas arrested Bankman-Fried on Dec. 12 as a part of extradition proceedings with the U.S., the place he faces prices from the Justice Division associated to defrauding buyers and lenders, in addition to complaints from the Commodity Futures Buying and selling Fee and Securities and Change Fee. Earlier than SBF’s resignation on Nov. 11, FTX and related people allegedly violated marketing campaign finance legal guidelines with “darkish cash” donations and used buyer property to fund investments at Alameda Analysis.

The end result of SBF’s prosecution may decide how the IRS treats your FTX losses

After being denied bail, the previous CEO has spent greater than per week within the custody of The Bahamas’ Fox Hill Jail, a facility with beforehand reported instances of bodily abuse in opposition to prisoners and “harsh” situations. He would doubtless be entitled to a different bail listening to as a part of courtroom proceedings within the U.S. as soon as his extradition was accomplished.