Sam Bankman-Fried Won’t Contest US Extradition: Reports

The change of heart suggests the founder of the crypto exchange founder could leave his notorious Bahamas jail.

AccessTimeIconDec 19, 2022 at 10:57 a.m. UTC
Updated Dec 19, 2022 at 5:29 p.m. UTC
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FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S. from the Bahamas, multiple media outlets have reported, citing people familiar with the matter.

Bankman-Fried was arrested on Dec. 12 in the Bahamas following a U.S. request after the crypto exchange's Nov. 11 bankruptcy filing. He faces charges from the Department of Justice, Securities and Exchange Commission and Commodity Futures Trading Commission, including allegations that he misused customer funds and misled investors.

The change of heart ahead of a hearing due later Monday, was reported by Reuters, CNBC and the Washington Post, which cite people familiar with the matter and officials at the Bahamas’ Fox Hill prison, where Bankman-Fried is currently.

After being refused bail, Bankman-Fried faced being held at the jail until an extradition hearing on Feb. 8 in conditions known to be dangerous and overcrowded.

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Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.


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