January 31, 2023

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FTX founder Sam Bankman-Fred reportedly agreed to extradition and reversed course at upcoming Bahamas court hearing

FTX founder Sam Bankman-Fred reportedly agreed to extradition and reversed course at upcoming Bahamas court hearing

newly accused Founder of FTX Sam Bankman-Fried He is set to appear in court in the Bahamas again on Monday, where he will reportedly change course and agree not to fight extradition to the United States.

Reuters first reported the news of the reversal on Saturday.

An unnamed official who handles Bankman-Fried on a daily basis in the Bahamas prison known as Fox Hill told The Washington Post that the disgraced FTX founder noted on Friday that he would agree to extradition to the United States to “face the music” if his lawyers could not be persuaded. The judge released him on bail.

Their first attempt at bail fails after Judge Bankman-Fried is told they must be released in order to continue his vegan dietary needs and to continue treatment for depression, insomnia, and ADHD.

Bankman Fried Monday arrested He was indicted Tuesday in Manhattan federal court on charges of fraud, money laundering and campaign finance in connection with an alleged scheme to misappropriate billions of dollars of client funds deposited on the international cryptocurrency exchange FTX and mislead investors and lenders to FTX and Alameda Research, also a cryptocurrency hedge fund.

Sam Fried Bank, founder of FTX, is accused of fraud and money laundering

In the days that followed, federal prosecutors contacted the Democratic and Republican campaigns about the donations received from the FTX founder.

Those receiving emails from the US Attorney’s office for the Southern District of New York include the upcoming campaign of House Minority Leader Rep. Hakeem Jeffries, DNY, as well as Elias Law Group, a firm launched last year by Leading Democratic lawyer The New York Times reports that Mark Elias represents the DNC, the Senate Democratic Campaign Committee, and the Democratic Congressional Campaign Committee.

Hearing in the Court of Sam Bankman - Fried Bahamas

Sam Bankman-Fried, founder of FTX, left, and his mother Barbara Fried in the Magistrates Court in Nassau, Bahamas, on Tuesday, December 13, 2022. (Katanga Johnson/Bloomberg via Getty Images/Getty Images)

Bankman Fried, 30, was it Second largest individual Democratic donor During the 2022 midterm election cycle he succeeded billionaire liberal George Soros.

Sam Bankman-Fried with police in the Bahamas

(Editors’ note: Best quality available) FTX founder Sam Bankman-Fried, center right, is escorted outside Magistrates Court in Nassau, Bahamas, on Tuesday, December 13, 2022. A judge has denied Bankman-Fried bail. , leaving the disgraced founders (George Robinson/Bloomberg via Getty Images/Getty Images)

The cryptocurrency mogul ranked sixth on the overall list of individual half-term donors for 2022 in terms of federal contributions. According to the Washington, D.C.-based nonprofit Open Secrets, Bankman-Fried’s contributions during the midterm election cycle totaled nearly $40 million, most of which went to Democrats. Only about $235,200 of that amount went to the Republicans.

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If he waives his right to extradition, the initial court appearance must take place in Manhattan within 48 hours of Bankman Fried’s arrival in the United States, according to Reuters.