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Former FTX CEO Sam Bankman-Fried (SBF) is now set for US extradition, after reportedly signing the necessary paperwork to begin the extradition process.
According to multiple media reports citing Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in the Bahamas where SBF has been held since his arrest on 12 December, SBF will fly back to the US on a federal aircraft the same day of his third court hearing, where he will be continuing with the extradition process.
It remains unclear when exactly will SBF be flown to the US. CoinDesk has stated that the hearing is set for Wednesday morning, citing a report by CNBC, but the latter has since removed that information from its article.
Reports last weekend suggested that SBF would consent to extradition. However, SBF appeared in an emergency court hearing on Monday and demanded to see a copy of his federal indictment, prompting his lawyer to say that he was “shocked” that his client was in court.
SBF’s legal team has previously indicated that they will be attempting to contest the US extradition.
Last week marked SBF’s first appearance in court, after he was arrested at the request of the US Government, based on a sealed indictment filed by the Southern District of New York (SDNY).
The 30-year-old is facing charges from the US Justice Department, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) related to defrauding investors and lenders as well as violations of campaign finance laws.
The SEC has dubbed the FTX case as a “massive years-long fraud”, while FTX replacement CEO J. Ray described it as “complete failure of corporate control.”