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Sam Bankman-Fried, the deposed boss of FTX, will not challenge his extradition to the United States

Sam Bankman-Fried (SBF) could quickly set foot on American soil. The co-founder and former CEO of cryptocurrency exchange FTX has been incarcerated in the Bahamas, where he resides, for a week. He would have decided not to contest his extradition to the United States during the hearing organized on December 19.

The 30-year-old was arrested by Bahamian authorities on December 12, a month after FTX filed for bankruptcy. He was incarcerated the following day, failing to obtain house arrest at his villa. SBF is accused of multiple frauds by the justice of Nassau and by the prosecutor of New York.

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According to Reuters, the young man decided to let the extradition process to the United States take place. If he had wished to fight to contest it, the showdown could have lasted for years.

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No motivation was disclosed, but the news agency notes that Fox Hill prison, where SBF is imprisoned, was denounced in a 2021 report for its extremely difficult living conditions. Note that the former CEO of FTX should, in the United States, be detained at the Metropolitan Detention Center in Brooklyn, not particularly renowned for its idyllic setting.

The former MIT student will have to appear for a hearing within 48 hours of arriving in the United States to have his bond set. SBF having had his fortune estimated at 20 billion dollars, all the potentially misappropriated funds having not been found, the bail looks extremely high.

The trial itself should also take a long time to arrive. Specialists interviewed by Reuters bet on a minimum of one year. Sam Bankman-Fried continues to declare himself innocent. He acknowledges errors in the management of FTX, but denies any wrongdoing. He will probably have the opportunity to present his defense to American justice very soon.




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