Fun

Report: FTX Co-Founder Bankman-Fried Plans to Surrender to US Extradition Request

News Feed - 2022-12-18 07:12:49

Report: FTX Co-Founder Bankman-Fried Plans to Surrender to US Extradition Request


Disgraced FTX co-founder Sam Bankman-Fried (SBF) has reportedly reversed his decision to contest his extradition to the United States. Bankman-Fried has spent close to five days in the Bahamas Department of Correctional Services (BDOCS) jail Fox Hill, an overcrowded prison known for being filthy and one that has been accused of prison maltreatment. Reuters Source Says SBF Won’t Fight U.S. Extradition Request on Monday


On Dec. 17, 2022, Reuters reported that “a person familiar with the matter said on Saturday” that Sam Bankman-Fried (SBF) plans to be more accepting of being extradited to the United States. The source noted that SBF will “reverse his decision to contest extradition” when he appears in court on Monday. The former FTX CEO was supposed to remain at Fox Hill until Feb. 8, 2023, after judge Ferguson-Pratt denied SBF’s request to be released on bail.


The news concerning SBF follows the stories that noted the former FTX executive was residing in Fox Hill’s sick bay dormitory style with five other inmates. The acting commissioner of The Bahamas Corrections, Doan Cleare, said that SBF was getting his meds and that he was in “good spirits.” Reports had shown that Fox Hill’s reputation for being clean and orderly is quite subpar, according to a myriad of human rights reports.


Reuters further detailed that SBF made a “new bail application before The Bahamas Supreme Court on Thursday,” according to another source familiar with the matter. SBF was arrested on Dec. 12, 2022, and he was charged with a number of financial fraud and conspiracy charges by the Southern District of New York (SDNY) prosecutor Damian Williams. SBF is also being sued by the Commodity Futures Trading Commission (CFTC) and he was charged by the U.S. Securities and Exchange Commission (SEC) for fraud as well.


The Bahamas attorney general, Ryan Pinder, told the press after SBF was arrested that the country was cooperating with the U.S. and that SBF would likely be extradited. SBF’s parents are reportedly staying in the Bahamas, and they have allegedly tried to get their son vegan foods. The day SBF’s parents attended the first hearing a report claimed SBF’s mother allegedly laughed out loud every time her son was called a “fugitive.” If SBF is to be extradited, there’s a good chance he could go to a prison located in New York and would likely be kept in PC (protective custody).


Meanwhile, no other FTX executives have been charged and the world is wondering where FTX co-founder Gary Wang is located or the ex-Alameda Research CEO Caroline Ellison. Two days ago, it was discovered that FTX co-CEO Ryan Salame reportedly snitched on SBF a couple of days before the company filed for bankruptcy protection. The unsealed indictment only names Sam Bankman-Fried and his nickname SBF, while it also mentions others known and unknown who knowingly devised a scheme to defraud people. Tags in this story attorney Damian Williams, Bahamas Jail, Caroline Ellison, CFTC, conspiracy, extradite, extradition, financial fraud, Former FTX CEO, Fox Hill, FTX co-founder, Gary Wang, jail, new york, prison, Ryan Pinder, Ryan Salame, Sam Bankman-Fried, Sam Bankman-Fried (SBF), sbf, SEC, US Extradition


What do you think about the report that says the FTX co-founder SBF doesn’t plan to contest extradition to the U.S.? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Software Firm Consensys Partners With Paypal, Metamask Users Can Use Payment Processor to Buy ETH NEWS | 2 hours ago Gemini Customer Data Leak Was Advertised for Sale on Hacker Forums for 30 BTC in September NEWS | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSoftware Firm Consensys Partners With Paypal, Metamask Users Can Use Payment Processor to Buy ETH Next articleUS Senator: Cryptocurrency Cannot Be Stopped, FTX Collapse Isn’t an Indictment of Crypto Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

David Attlee14 hours agoHong Kong to use AI against superbugs and antibiotic overprescriptionThe COVID-19 pandemic significantly increased broad-spectrum antibiotic prescriptions, leading to antibiotic resistance develop
Ezra Reguerra13 hours agoCrypto lawyer about SEC: ‘Problematic to imply all NFTs are securities’Oscar Franklin Tan, the chief legal officer of NFT platform Enjin, told Cointelegraph that it’s very problematic to im
North Carolina's CBDC ban bill vetoed by governor
Brayden Lindrea4 hours agoNorth Carolina"s CBDC ban bill vetoed by governorGovernor Roy Cooper was slammed for not putting “partisan politics aside” to support a law that would benefit all North Carolina residents.14
Marcel Pechman3 hours agoBitcoin derivatives data suggests BTC price holds the current rangeBTC investor sentiment turns increasingly bullish after this week’s quick rebound from a sharp price correction.1101 Total vie
Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare
Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare In order to combat the coronavirus outbreak in Venezuela, President Nicolás Maduro has ordered the entire cou
Investor shares story of falling victim to $100K crypto hack
Ezra Reguerra11 hours agoInvestor shares story of falling victim to $100K crypto hack“I thought that my heart would stop,” said Matthias Mende, who told Cointelegraph how he felt when he realized he lost $100,000 in
US Trustee Plans to Appoint an Examiner to FTX Case, While SBF Describes Strange Margin Trading Practices
US Trustee Plans to Appoint an Examiner to FTX Case, While SBF Describes Strange Margin Trading Practices On Dec. 1, 2022, an attorney for the U.S. Trustee submitted a written lett
NFT Survey With Over 40K Respondents Indicates Americans Trust NFT Investments More Than Britons
NFT Survey With Over 40K Respondents Indicates Americans Trust NFT Investments More Than Britons In 2021, two very distinct crypto trends stood out which include non-fungible token
Hashdex files S-1 for ETF to hold Bitcoin, Ether and potentially others
Brayden Lindrea9 hours agoHashdex files S-1 for ETF to hold Bitcoin, Ether and potentially othersThe Hashdex Nasdaq Crypto Index US ETF could see other cryptocurrencies added down the track, subject to all the necessary
$56M moved from defunct exchange after executives fled: Report
Zhiyuan Sun9 hours ago$56M moved from defunct exchange after executives fled: ReportThe Atom Asset Exchange had over 2 million registered accounts prior to its collapse in November 2022.954 Total views2 Total sharesListe
Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone
Zhiyuan Sun9 hours agoMatrixport warns of market euphoria, correction after Bitcoin’s $60K milestoneThe blockchain financial service firm argued in January that a spot Bitcoin ETF would not be approved by the U.S. Secu
Former Exchange CEO Mark Karpeles Reveals Plans to Airdrop NFTs to Mt Gox Customers
Former Exchange CEO Mark Karpeles Reveals Plans to Airdrop NFTs to Mt Gox Customers The former CEO of the bankrupt bitcoin exchange Mt Gox, Mark Karpeles, announced he has launched