Former FTX CEO Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday.
The cryptocurrency mogul was indicted in federal court in Manhattan on December 13 and accused of engaging in a scheme toHis decision to consent to extradition would pave the way for him to appear in US court to face charges of using stolen customer deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.Bankman-Fried, 30, waswhere he lives and where FTX is based.
Bankman-Fried had made a new bail application before the Bahamas Supreme Court on Thursday, a person familiar with the matter told Reuters at the time. Damian Williams, the top federal prosecutor in Manhattan, described the collapse of FTX as one of the"biggest financial frauds in American history." Bankman-Fried has acknowledged risk management failures at FTX but has said he did not believe he had any criminal liability.
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