Sam Bankman-Fried won’t fight US extradition: Reuters

Quick Take

  • FTX founder Sam Bankman-Fried will no longer contest extradition to the United States, where he is facing criminal fraud charges, according to Reuters.
  • The former CEO is charged with committing or conspiring to commit fraud on FTX’s customers and lenders plus counts of money laundering.

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.

Earlier this week, Bankman-Fried was arrested in the Bahamas and slapped with fraud charges.

A U.S. grand jury charged him with committing or conspiring to commit fraud on FTX’s customers and lenders plus counts of money laundering. The Securities and Exchange Commission is charging 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.

Bankman-Fried resides in the Bahamas, where FTX is also based. He is currently behind bars at Fox Hill prison after a judge denied a request to stay at home while awaiting a hearing on his extradition, according to Reuters.

If convicted of all the criminal charges Bankman-Fried could face up to 115 years in prison.

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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

© 2023 The Block. 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.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

Editor

To contact the editor of this story:
Jason Shubnell at
[email protected]