<p><span style="font-weight: 400;">Sam Bankman-Fried, the founder and former CEO of FTX, is expected to tell a court in the Bahamas on Monday he will no longer contest extradition to the United States, where he is facing criminal fraud charges, Reuters reports citing an unnamed source.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">Earlier this week, Bankman-Fried was arrested in the Bahamas and slapped with fraud charges.<br /> <br /> </span><span style="font-weight: 400;">A U.S. grand jury <a href="https://www.theblock.co/post/194667/disgraced-former-ftx-ceo-sam-bankman-fried-criminally-indicted">charged him</a> with committing or conspiring to commit fraud on FTX’s customers and lenders plus counts of money laundering. The Securities and Exchange Commission <a href="https://www.theblock.co/post/194509/sam-bankman-fried-charged-with-fraud-over-ftx-collapse">is charging</a> the disgraced crypto entrepreneur with defrauding investors. The SEC also alleges Bankman-Fried used customer funds for political donations and to fund an extravagant lifestyle.</span></p> <p><span style="font-weight: 400;">Bankman-Fried resides in the Bahamas, where FTX is also based. He is currently behind bars at </span><span style="font-weight: 400;">Fox Hill prison after a judge denied a request to stay at home while awaiting a hearing on his extradition, according to Reuters. </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">If </span><span style="font-weight: 400;">convicted of all the criminal charges Bankman-Fried <a href="https://www.theblock.co/post/195923/out-of-his-league-riot-games-looks-to-distance-from-sam-bankman-fried">could face</a> up to 115 years in prison.<br /> <br /> <i data-stringify-type="italic">Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.</i><br /> </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>