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After former FTX Founder Sam Bankman-Fried signed extradition papers to face criminal charges in the United States, he will be handed over to US Marshalls.

The Bahamas judge Shaka Serville has approved all of the legal requirements for the extradition and was satisfied that Bankman-Fried was not “forced, coerced or threatened” into making the decision.

The 30-year-old  will be handcuffed and placed on board a plane with an escort from the FBI and the United States Marshals Service which have already arrived in the Bahamas. They will then carry him to La Guardia or JFK Airport.

He will either go to the federal detention facility or a Manhattan courtroom in the Southern District of New York. If he is sent to court, there will be an initial hearing and arraignment before a judge and he will enter a plea to the 8 charges against him.

Following a tumultuous week since his arrest in the Bahamas,  he is expected to arrive in the United States on Wednesday evening and will contest allegations that he funneled billions of dollars from his fallen exchange FTX, to his trading fund company, Alameda Research.

“Yes, I do wish to waive my right to such formal extradition proceedings,” he told the court on Wednesday morning.

His defense lawyer Jerone Roberts said his client was “anxious to leave” the Bahamas and requested that the “rule of specialty” be imposed which based on the Bahamas and US extradition treaty, states that a person can only be tried on the charges for which they are extradited.

Photo credit: Reuters

Former FTX CEO Sam Bankman-Fried will be extradited to the United States following a back-and-forth in Bahamian courts.

The now disgraced crypto knight who has become known as the mastermind behind one of the biggest financial schemes had planned to fight the extradition, then apparently folded. But when he appeared in court, his lawyer and the prosecutor seemed shocked to learn about the decision. Bankman was carried back to prison but returned a short time later, agreeing to face a US court.

Bankman-Fried’s lawyer Jerone Roberts said the fallen crypto king “wishes to put the customers right and that is what has driven his decision to be voluntarily extradited to the United States.”

Bankman-Fried would have to sign an extradition paper as he prepares to be handcuffed, placed on board a plane with an escort from the US Marshals Service, carried to La Guardia or JFK Airport, and sent to the Southern District of New York courthouse.

Bankman-Fried is expected to appear in Bahamian court again on Tuesday morning to complete the extradition process.

He was arrested by Bahamian authorities last week Monday around 6 pm at the request of the US government, and spent a week in Bahamian prison after he was denied bail.

Prime Minister Philip Davis who became an acquaintance of Bankman-Fried said at the time of his arrest, “The Bahamas and the United States have shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

He is wanted in New York for eight criminal charges– conspiracy, fraud, money laundering and violation of the fiance law, and could be sentenced to 115 years in prison. And more could be pending. All of this comes after the implosion of his 32-billion-dollar crypto empire and revelations that he diverted customer monies to his trading company, Alameda Research.

The 30-year-old crypto darling who has permanent residency in the Bahamas was in the country since 2021 when he moved the exchange from Hong Kong, China.

His high-profile attorney Mark Cohen represents him as he attempts to beat the charges.

Photo credit: Reuters

Sam Bankman Fried, former FTX CEO was sent back to prison today after some apparent confusion at his court hearing. It was expected that he would appear in the Bahamas court today to be extradited to the United States. However, when he arrived, no one seemed to know that he was coming.

The Daily Mail reported that the 30-year-old tapped his foot nervously and clenched and unclenched his hands before the judge arrived.

After the judge’s arrival, his lawyer Jeron Roberts told the court, “I did not request him to be here this morning.”

It is reported that Prosecutor Frankly Williams seemed surprised too, stating that the government of the Bahamas neither the government of the United States knew that Bankman-Fried would appear before a judge today.

“We are here for a certain purpose,” he said, then asked if Bankman-Fried can “tell us why he is here.”

The court was adjourned for 45 minutes for Roberts to speak with Bankman-Fried on the sidelines.

After the adjournment, Bankman-Fried was sent back to the Bahamas Department of Corrections, and no final decision was made regarding his extradition.

Sources familiar with the matter said over the weekend, that the fallen crypto genius would appear in court on Monday to willfully return to the US after a short stint at the correctional facility.

His extradition to the US means he could be sentenced to an estimated 115 years in prison. US prosecutors accused him of “one of the biggest financial frauds in US history.”

Bankman-Fried was initially expected to return to court for a bail hearing on January 7 and an extradition hearing on February 8.

Photo credit: Reuters

Though prosecutors in the United States have charged former FTX CEO Sam Bankman-Fried with fraud, conspiracy, money laundering, and violations of campaign finance law, the Bahamas has yet to convict the 30-year-old of a single crime.

Bankman-Fried lived in the Bahamas since 2021, after establishing the headquarters of his billion-dollar company in the country after the move from Hong Kong, China. He became a generous donor and was the face of the Bahamas’ future investment in the crypto industry.

The permanent resident was given the approval to set up the exchange here. But the alleged crimes were committed under the noses of the regulatory body, the Securities Commission Bahamas.

Three weeks ago, before the US charges were filed, Attorney General Ryan Pinder in a televised national address announced that the Commission and the Royal Bahamas Police Force were investigating Bankman-Fried’s handling of customer funds in FTX.

From that day to this, no charges have been filed. Neither has it been stated whether or not they found any sign of wrongdoing at the exchange.

However, unsealed court documents in the US, revealed that the former co-CEO at FTX Digital Markets Ryan Salame, tipped off the executive director of the Securities Commission of the Bahamas, Christine Rolle, and informed her that the fallen crypto-knight possibly committed fraud when he funneled billions of dollars from FTX to Alameda Research.

Rolle then alerted Bahamas Police Commissioner Clayton Fernander for an investigation into the matter. Still no word from the Commissions or the police force.

Bankman-Fried was arrested last week Monday in the Bahamas at the request of the US government based on an extradition treaty between the two countries. The US has since provided sufficient evidence that he committed a crime in their country.

Photo credit: Reuters

Sam Bankman Fried, former FTX CEO is expected to appear before a judge in the Bahamas on Monday instead, to be extradited to the United States to face 8 criminal charges of fraud and conspiracy, a source close to the matter said.

The fallen billionaire and crypto genius is thinking of willfully deciding to return to the US after he initially petitioned to not waive his rights to be extradited, and was placed in the custody of prison guards at the infamous Bahamas Department of Corrections (Fox Hill Prison) where he sits watching movies and reading news articles about himself as he attempts to adapt to his new life, far removed from his luxurious life in Albany.

It is not known what spurred him to reconsider the extradition fight, but the former ‘crypto darling’ whose extradition hearing was scheduled for February 8, could be sentenced to 115 years in a US prison where prosecutors labeled his dealings at FTX as “one of the biggest financial frauds in US history.”

Michael Zweiback, a Los Angeles-based criminal lawyer who spoke on the matter earlier in the week said after extradition, “he will be placed in handcuffs and put on board a plane with an escort from the US Marshals Service and brought to La Guardia or JFK Airport and brought straight to the SDNY courthouse (the Manhattan federal court).

“He can sign extradition paperwork tomorrow and be there within a week,” he said.

Bankman-Fried and his lawyers attempted to get bail since his arrest last Monday, but were denied and were expected to seek another hearing on January 7 so that he no longer sits in the medical area of the prison where officials say he remains in “good spirits.”

The Washington Post reported that the former billionaire said, “It’s okay, I will deal with it,” when asked by guards how he felt watching news reports about himself splattered around the globe in recent days.

It is unclear if the Bahamas will press charges against Bankman-Fried and attempt to hold him. But its Securities Commission Executive Director Christina Rolle revealed to Commissioner Police Clayton Fernander that it was made aware of possible fraud when his Digital Markets Co-chief Executive Officer Ryan Salame alerted the board about funds being diverted from FTX to Alameda Research, to cover losses.

Billions of dollars are reportedly missing amidst the bankruptcy of the exchange, as customers and investors await the outcome of this big financial scandal.

Former CEO and FTX founder Sam Bankman-Fried will be held in custody as he awaits extradition to the United States.

Magistrate Joyann Ferguson Pratt denied his lawyers’ plea for bail citing the crypto wunderkind is a flight risk and will be held in Bahamian custody until February 8, 2023.

Bankman-Fried’s lawyers argued that he should be released on $250,000 bail while insisting that he needed to regularly take his medications for allergies and depression. However, prosecutors stood their ground and said that bail should not be granted since it goes against the Bahamas’ treaty with the US, which requires defendants to be held, pending extradition proceedings.

The judge obliged and ordered the 30-year-old held until his hearing next year.

This comes after lawyers and prosecutors spent the entire day debating the request for bail.

It is reported his lawyers will fight the extradition order.

On Tuesday afternoon, New York prosecutors announced eight charges against him, which include conspiracy, fraud, money laundering, and political campaign violations.

Bankman-Fried was arrested on Monday evening by Bahamas police at the US government’s request and documents were unsealed today in New York, revealing the charges against the crypto poster boy.

Since the implosion of his exchange, FTX, he has been scrutinized as millions of people seek the billions of dollars invested but purportedly lost on his platform.

US prosecutors said they uncovered that Bankman-Fried was funneling customers’ money to his trading company, Alameda Research, to fund his luxurious life in the Bahamas in an embezzlement scheme.

He faces life in prison if he is convicted.

FTX founder and former CEO Sam Bankman-Fried is facing extradition to the United States after his arrest in the Bahamas following mounting claims of misappropriation of billions of dollars of customer funds on his crypto platform.

The surprising news came late Tuesday evening after the Bahamas Attorney General Ryan Pinder issued a statement confirming the disgraced crypto wunderkind is under arrest in the country where FTX was headquartered before its collapse on November 11.

Prime Minister Philip Davis said, “The Bahamas and the United States have shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

It became apparent that the United States filed criminal charges against Bankman-Fried after ramping up its investigations into the alleged lost funds and reports of fraud at the crypto exchange that fell rapidly.

Criminal charges were filed in a New York courtroom and prosecutors are expected to unseal documents on Tuesday. But someone familiar with the matter told New York Times, the charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud conspiracy and money laundering.

Bankman-Fried allegedly funneled customer monies from FTX once valued at $32 billion, to his sister company Alameda. Despite his downfall, Bankman-Fried continued his media tours in which he detailed FTX’s accounting errors.

It’s important to note that the Bahamas is conducting its own investigations. At the end of last month, Pinder said the Bahamas Securities Commission and the Royal Bahamas Police Force were probing the allegations of fraud by Bankman-Fried.

Davis said on Monday night, “While the United States is pursuing criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

The AG Office said it awaits a formal request for extradition from the US and will “process it promptly, pursuant of the Bahamian law and its treaty obligations with the United States.”

The arrest comes after Bankman-Fried finally agreed to testify on Tuesday before the Finance Committee on Capitol Hill about how events unfolded at the exchange.

Attorney General and Minister of Legal Affairs Ryan Pinder was hit with harsh criticism on Twitter following a televised national address on the FTX fiasco.

On Sunday, Pinder attempted to defend the government of the Bahamas, and the country’s reputation after FTX Founder Sam Bankman-Fried was accused of mishandling billions of dollars at his exchange, which is headquartered in the Bahamas.

The collapse and questionable dealings have led many to ask whether or not the Bahamas government will hold Bankman-Fried responsible for any violations as customers grieve the loss of billions of their funds.

One Twitter user likened Pinder’s speech to “a campaign promise.”

“Twenty-three minutes long speech in defense of the Bahamas but no information as to the preliminary findings of FTX investigation apart that’s ongoing. This talk is like a campaign promise that does not move the needle. Bahamian government promo. We are nowhere closer to what happened with FTX.”

Another user attacked Pinder for praising the government in the midst of the debacle. “Patting yourself on the back at how great your regulations were when you let fraud and theft occur right under your noses, is grotesque.”

And CanCon said, “Bribery works better in the Bahamas,” adding “SBF bought all those nice Bahamian properties with stolen money and you guys are singing their praises? This will not end well for second-rate politicians running around in a banana republic acting like you’re God’s gift to modern finance. You blew it.”

Efraim Tepes said, “This speech is the definition of verbal farting.”

While Coin-Wee-boo stated, “This is as corrupt as it gets for the Bahamian authorities…And no mention of customer funds at all. We now have to wonder how much is the Bahamian government paid by SBF.”

Bankman-Fried known on social media as ‘SBF’ retweeted Pinder’s national address which surprised many users.

He donated millions of dollars to Bahamian charities in the name of altruism and is believed to have squandered millions of dollars on properties in the Bahamas.

It was revealed in a bankruptcy court filing, he owes his creditors 3.1 billion dollars.

Following the rapid collapse of crypto giant FTX and its founder Sam Bankman Fried’s questionable handling of millions of dollars of customer funds, Attorney General and Minister of Legal Affairs, Ryan Pinder sought to defend the Bahamas which is caught up in the middle of the fiasco.

“The Bahamas is a place of laws. The rule of law, and the exercise of due process, characterize the integrity of our jurisdiction.”

The Bahamas has hosted FTX’s headquarters since 2021 and when allegations surfaced that Bankman-Freid was engaged in unscrupulous financial dealings, many questioned how the country would execute its laws in regard to the exchange and its founder, who stepped down from the troubled company.

“The Securities Commission, Financial Intelligence Unit, and the Financial Crimes Unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX’s insolvency crisis, and any potential violations of Bahamian law.

“They will hold accountable any responsible companies and individuals, and act in cooperation with other regulatory agencies and law enforcement bodies, both here in the Bahamas, and in other countries affected,” Pinder said on Sunday night in a televised national address.

Bankman-Fried has since retweeted Pinder’s 23-minute remarks, which mostly recapped the fiasco.

Pinder’s speech was prerecorded which meant journalists could not ask questions.

As Pinder concluded, he said, “while new facts emerge every day, there is still much to discover.”

Pinder suggested that the Bahamas should not be entirely blamed for the fiasco as it is a complex matter.

“Any attempt to lay the entirety of this debacle at the feet of the Bahamas, because FTX is headquartered here, would be a gross oversimplification of reality,” he said.

“And it is deeply misguided to conclude that reluctance to communicate the details of an active investigation means that nothing is happening.”

It remains to be seen what actions if any, the Bahamas will take.

Fallen crypto knight Sam Bankman-Fried is set to appear at New York Times Summit-Deal Book next week, joining USA Former Vice President Mike Pence, Meta CEO Mark Zuckerburg, Ukraine President Volodymer Zelensky and Isreal Prime Minister Benjamin Natanyahu.

This is surprising since the tumultuous collapse of FTX into bankruptcy. The exchange which he founded and once led has since been rattled with alleged mishandling of customer funds and other corporate failings.

Bankman-Fried will be interviewed by journalist Andrew Sorkin on November 30. He posted the announcement to social media.

Sorkin responded, “There are a lot of important questions to be asked and answered.

“Nothing is off limits. Looking forward to it.”

Bankman-Fried has been using his Twitter account to speak directly to customers since the collapse, promising to make them “whole.”

The fee to attend the summit is $2,499, and other speakers include New York City Mayor Eric Adams and Actor Ben Affleck.

New York Times says the summit will give attendees “the opportunities to join more intimate discussions with some of today’s most compelling leaders through networking opportunities and special Groundbreakers lunches.”

“From the biggest business stories of the day to the emerging trends that will shape tomorrow, this is your chance to hear directly from changemakers, and deepen your understanding with the journalistic rigor of the DealBook team.”

Shocked Twitter users responded angrily to the announcement:

Next month, Bankman-Fried will appear on Capitol Hill to answer questions pertaining to the fiasco at the exchange where billions of dollars are purported to be lost.

It remains to be seen if Bankman-Fried will be tried before a court for alleged crimes of fraud.