FTX founder Sam Bankman-Fred reportedly agreed to extradition and reversed course at upcoming Bahamas court hearing
Newly indicted FTX founder Sam Bankman-Fred is set to appear in court in the Bahamas again on Monday, where he will reportedly change course and agree not to resist extradition to the United States.
Reuters first reported the news of the reversal on Saturday.
An unnamed official who handles Bankman-Fried on a daily basis in the Bahamas prison known as Fox Hill told The Washington Post that the disgraced FTX founder noted Friday that he would agree to extradition to the United States to “face the music” if his lawyers could not convince a judge. released on bail.
Their first attempt at bail fails after Judge Bankman-Fried is told they must be released in order to continue his vegan dietary needs and to continue treatment for depression, insomnia, and ADHD.
Bankman-Fried was arrested Monday and charged Tuesday in Manhattan federal court on charges of fraud, money laundering, and campaign finance in connection with an alleged scheme to embezzle billions of dollars in client funds deposited on the international cryptocurrency exchange FTX and mislead investors and lenders to FTX and to Alameda Research, which is The cryptocurrency hedge fund he also founded.
Sam Fried Bank, founder of FTX, is accused of fraud and money laundering
In the days that followed, federal prosecutors contacted the Democratic and Republican campaigns about the donations received from the FTX founder.
Among those receiving emails from the US Attorney’s office for the Southern District of New York are the campaign of incoming House Minority Leader Rep. Hakeem Jeffries, D-N.Y., as well as Elias Law Group, a firm launched last year by prominent Democratic attorney Mark. The New York Times reported that Elias, who represents the DNC, the Senate Democratic Campaign Committee, and the Democratic Congressional Campaign Committee.
Bankman-Fried, 30, was the second largest single Democratic donor during the 2022 midterm election cycle behind liberal billionaire George Soros.
The cryptocurrency mogul ranked sixth on the overall list of individual half-term donors for 2022 in terms of federal contributions. According to the Washington, D.C.-based nonprofit Open Secrets, Bankman-Fried’s contributions during the midterm election cycle totaled nearly $40 million, most of which went to Democrats. Only about $235,200 of that amount went to the Republicans.
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If he waives his right to extradition, the initial court appearance in Manhattan must take place within 48 hours of Bankman Fried’s arrival in the United States, according to Reuters.
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