Sam Bankman-Fried signed extradition papers to return to the United States from the Bahamas, a week after he was criminally indicted by a federal grand jury.
Bankman-Fried was arrested in the Bahamas last week at the request of the U.S. government and has been held without bail at Fox Hill prison for the last week. Bankman-Fried signed the extradition papers this week, according to ABC News. He is due back in court on Wednesday.
The former FTX boss reportedly agreed to face charges in the United States during a court hearing on Monday. Mark Cohen, Bankman-Fried’s lawyer, declined to comment.
Bankman-Fried faces multiple fraud charges from last week's indictment and could serve decades in jail if convicted on all counts.
The disgraced crypto mogul stands accused of propping up his crypto hedge fund by diverting FTX customer money. Bankman-Fried faces additional charges related to his political giving, as well as civil penalties from the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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.
© 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.