Shameful Crypto Tycoon Bankman-Fried Reportedly Considers Bowing to US Extradition Order

NASSAU, Bahamas — Cryptocurrency tycoon Samuel Bankman-Fried arrived at a magistrate court in the Bahamas on Monday, where he could move to accept extradition to the United States to face charges over the multibillion-dollar collapse of his FTX group.

Television in the Bahamas showed Bankman-Fried, once the prodigy of the global digital currency world, arriving at the Nassau courthouse under heavy surveillance after leaving a local jail, where he has been held since his arrest a week ago.

Local and US media have reported that he is considering reversing his decision last week to fight extradition and agree to be sent to the United States to stand trial.

His hearing is expected to begin around 11am local time (4pm GMT), local media reported.

Last week, the US Department of Justice and the Securities and Exchange Commission (SEC) filed criminal and civil charges against the former cryptocurrency billionaire and media star, alleging he deceived investors into FTX and used improperly funds that belonged to FTX clients.

FTX’s spectacular rise from 2019 to becoming a leading player in the Bahamas-based virtual currency industry came to a dramatic end in November when the company and its sister trading firm Alameda Research went bankrupt.

Left: Sam Bankman-Fried on the cover of the 40th annual Forbes 400 (Business Wire/AP). Right: FTX Arena on November 12, 2022. (AP Photo/Marta Lavandier, File)

Bankman-Fried was arrested in his Nassau apartment a week ago at the request of federal prosecutors in New York.

He was charged in the United States with eight counts including conspiracy, wire fraud, money laundering and campaign finance violations.

Separately, the SEC charged him with violating securities laws.

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