Sam Bankman-Fried, who is facing charges in the United States following the collapse of his cryptocurrency company, FTX, is prepared to waive extradition from the Bahamas during a court appearance that could occur as soon as Monday, multiple sources familiar with the matter told ABC News.
Federal prosecutors in New York charged Bankman-Fried, 30, in an eight-count indictment with stealing billions of dollars from FTX customers and investors and using it to pay off debts and expenses in his privately-held hedge fund, Alameda Research, to buy lavish real estate and to make $35 million in political donations.
A judge denied Bankman-Fried bail in the Bahamas, where he was arrested Dec. 12, and has been held in the medical ward of the island’s Fox Hill prison.
Initially, Bankman-Fried declined to waive his right to challenge extradition to the U.S., but, according to the sources, the crypto executive is expected to reverse his position as soon as Monday if his bid to be released on bail is unsuccessful.
This is a developing story. Please check back for updates.
