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FTX founder Sam Bankman-Fried back in Bahamian custody after backing out of extradition to U.S.

FTX founder Sam Bankman-Fried made the decision to consent to extradition to the United States over the weekend, but on Monday he changed course and was sent back to a Bahamian prison. The fallen crypto mogul’s attorney said he would not agree to extradition from the Bahamas last week when he was arrested at one of his palatial homes. On Saturday, he indicated he would not contest extradition.

However on Monday in open court in the Bahamas, Bankman-Fried requested a copy of his federal indictment. After seeing the indictment, the 30-year-old decided he would not surrender himself to extradition, which could have happened by the end of the day if he agreed. Bankman-Fried’s defense attorney was surprised that his client was in court on Monday as well. Prosecutor Franklyn Williams KC said he did not request Bankman-Fried’s presence but was of the understanding that he intended to waive his contention of extradition.

Bankman-Fried was sent back to His Majesty’s Prison Fox Hill, which is notorious for its poor conditions, including inadequate sanitation practices, overcrowding and poor nutrition. Bankman-Fried is being held in a private room in the medical wing of the prison.

The disgraced founder of crypto exchange FTX faces eight charges, including fraud, money laundering and campaign finance law violations. Three of the counts against him — two counts of wire fraud, and one count of conspiracy to commit money laundering — carry maximum 20-year sentences.

Editorial credit: Poetra.RH / Shutterstock.com

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