The decision comes just a week after Bankman-Fried’s lawyers had initially said that they planned to fight extradition.
FTX founder Sam Bankman-Fried, top right, is escorted from a corrections van into the Magistrate Court in Nassau, Bahamas, Monday, Dec. 19, 2022.
Bahamian authorities arrested Bankman-Fried last Monday at the request of the U.S. government. The former FTX CEO faces criminal charges in the U.S., including wire fraud and money laundering, as well as civil charges. The 30-year-old could potentially spend the rest of his life in jail. Bankman-Fried’s downfall, from crypto evangelist to pariah, occurred with stunning speed. FTX filed for bankruptcy protection on Nov. 11 when it ran out of money after the cryptocurrency equivalent of a bank run.
U.S. prosecutors and financial regulators painted a very different picture of Bankman-Fried and FTX last week. An indictment unsealed Tuesday alleging he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.
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