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Sam Bankman-Fried Is Being Extradited Wednesday, Bahamas Attorney General Says
FTX CEO was arrested earlier this month.
By Nikhilesh De
Updated Dec 21, 2022, 11:04 p.m. Published Dec 21, 2022, 10:26 p.m.
FTX CEO Sam Bankman-Fried is being extradited to the U.S. on Wednesday, Ryan Pinder, attorney general of The Bahamas, said in a statement.
"Today the Foreign Minister, who is the Minister responsible for the Extradition Act, signed the Warrant of Surrender for Sam Bankman Fried. This allows the extradition of the subject to the United States of America," a statement said.
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Bankman-Fried expressed his intent to fight extradition during his first hearing after being arrested. He reportedly changed his mind within days of being incarcerated after a judge denied him bail. He was arrested on Dec. 12, 2022, after U.S. prosecutors indicted him on eight different charges, including wire fraud, conspiracy to commit money laundering and violating campaign finance laws.
Read more: Inside Sam Bankman-Fried's First Bahamas Court Hearing After His Arrest
"The United States requested that a provisional arrest warrant be issued for SBF in anticipation of his extradition pursuant to an extradition Treaty between the two nations. After the arrest, SBF subsequently waived his right to challenge his extradition to the United States," another statement from The Bahamas said. "The Bahamas has determined that the provisional arrest, and subsequent written consent by SBF to be extradited without formal extradition proceedings satisfies the requirements of the Treaty and our nation's Extradition Act."
Bankman-Fried reportedly changed his mind about fighting extradition over the weekend, but reports from his first court hearing this week suggest his local attorney was unaware of this decision.
Bankman-Fried's former empire collapsed last month after a CoinDesk report revealed that Alameda Research and FTX, a trading desk and crypto exchange respectively, had unusually close financial ties.
Federal prosecutors and regulatory agencies – as well as FTX's new CEO, John J. Ray III – have since alleged that FTX commingled customer and corporate funds.
In bankruptcy filings and hearings, FTX's new management claimed the company had about $1 billion, far less than the $10+ billion owed to its creditors.
UPDATE (Dec. 21, 2022, 23:05 UTC): Adds additional information.
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