Bahamas Attorney General Announces Extradition of Sam Bankman-Fried Wednesday
• Sam Bankman-Fried, the CEO of FTX, is being extradited to the U.S. on Wednesday.
• He was arrested on Dec. 12, 2022, and indicted on eight different charges, including wire fraud, conspiracy to commit money laundering and violating campaign finance laws.
• His former empire collapsed last month after a CoinDesk report revealed that Alameda Research and FTX had unusual financial ties.
On Wednesday, Sam Bankman-Fried, the CEO of FTX, will be extradited to the United States. This comes after Ryan Pinder, attorney general of The Bahamas, issued a statement regarding the matter. The warrant of surrender was signed by the foreign minister, who is the minister responsible for the Extradition Act. It allowed for Bankman-Fried to be extradited to the United States.
The United States requested a provisional arrest warrant for Bankman-Fried in anticipation of his extradition pursuant to an extradition Treaty between the two nations. After the arrest, Bankman-Fried waived his right to challenge his extradition to the United States. This satisfied the requirements of the treaty and The Bahamas’ Extradition Act.
Bankman-Fried was arrested on Dec. 12, 2022, and indicted on eight different charges, including wire fraud, conspiracy to commit money laundering and violating campaign finance laws. These charges came after a CoinDesk report revealed the unusually close financial ties between Alameda Research and FTX, Bankman-Fried’s former empire.
After his arrest, Bankman-Fried initially expressed his intent to fight extradition during his first hearing after being arrested. However, he changed his mind within days of being incarcerated after a judge denied him bail.
Bankman-Fried’s former empire collapsed last month after the CoinDesk report. Federal prosecutors and regulatory agencies – as well as FTX’s new CEO, John J. Ray III – have since alleged that FTX commingled customer and corporate funds. In bankruptcy filings and hearings, FTX’s new management claimed the company had about $1 billion, far less than the $10+ billion owed to its creditors.
Now, Bankman-Fried is being extradited to the United States to face the charges against him. It is unclear what will happen next, but it is certain that it will have a major impact on the cryptocurrency industry.