Sam Bankman-Fried, former CEO of FTX, has reportedly reconsidered his earlier choice to contest the extradition and is anticipated to look in courtroom within the Bahamas on Dec. 19 for a reversal, Reuters reported on December 17, citing an individual acquainted with the matter.
By agreeing to extradition, Bankman-Fried may seem earlier than a US courtroom. He faces expenses of conspiracy to wire fraud prospects and lenders, securities fraud, commodity fraud, cash laundering and conspiracy to defraud the USA and violation of the Marketing campaign Finance Act.
The transfer follows Bankman-Fried's Dec. 13 bail denial as a consequence of "threat of absconding." The previous CEO's legal professionals argued that SBF had no prison report and suffered from melancholy and insomnia. A second request for bail was reportedly filed within the Bahamas Supreme Courtroom on December 15.
If convicted, Bankman-Fried faces 115 years in jail. Nevertheless, there may be "so much to do" within the case earlier than it receives a closing verdict within the subsequent few months and even years, authorized commentators informed Cointelegraph.
Topic: Ex-FTX worker: Extravagant spending and cult-like worship of SBF
A former federal prosecutor, Mark Cohen, was employed by the previous FTX CEO to characterize him. As Cointelegraph experiences, Cohen is a co-founder of the regulation agency Cohen & Gresser and was a member of the protection crew in Ghislaine Maxwell's high-profile little one trafficking case.
Bankman-Fried is being held at Fox Hill Jail, the one jail within the Bahamas. Situations at Fox Hill had been "harsh" and overcrowded, with poor sanitation and poor vitamin, in keeping with a US State Division report launched in 2021. Prisoners are mentioned to have been bodily abused by jail officers.
The ex-CEO of Alameda Analysis, a sister firm of FTX, Caroline Ellison, has additionally fashioned a protection crew. Stephanie Avakian, a former prime crypto regulator at the USA Securities and Trade Fee (SEC), will characterize Ellison in an ongoing federal investigation. Avakain is at the moment chairman of the securities and monetary companies observe on the regulation agency of WilmerHale. In her position on the SEC, she expanded cryptocurrency oversight on the Enforcement Division.