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Former FTX CEO Sam Bankman-Fried has reportedly reconsidered his previous decision to contest the extradition and plans to appear in court in the Bahamas on Dec. 19 to seek a reversal, Reuters report In the words of a person familiar with the matter, December 17th.
Agreeing to extradition will allow Bankman-Fried to appear in a U.S. court. He is charged with wire fraud against customers and lenders, securities fraud, commodity fraud, money laundering, and conspiracy to defraud the United States and violate campaign finance laws.
The move follows Bankman-Fried’s bail denial on December 13, citing “risk of flight.” Lawyers for the former CEO claimed SBF had no criminal record and suffered from depression and insomnia, reportedly filing her second bail application with the Supreme Court of the Bahamas on Dec. 15. it was done.
Bankman-Fried could face 115 years in prison if convicted. However, a legal commentator told Cointelegraph that the case has a lot to unfold before a final judgment is handed down in the coming months or years.
Related: Former FTX Staff: Extravagant Spending and SBF Cult Worship
Former federal prosecutor Mark Cohen has been hired as a defense attorney by the former FTX CEO. As reported by Cointelegraph, Cohen is the co-founder of law firm Cohen & Gresser and was part of the defense team in Ghislaine Maxwell’s high-profile child trafficking case.
Bankman-Fried is being held at Fox Hill Prison, the only prison in the Bahamas. According to a US State Department report released in 2021, conditions in Foxhill were “harsh” and overcrowded, with poor hygiene and nutrition. Detainees were allegedly subjected to physical abuse by corrections officers.
Caroline Ellison, former CEO of FTX sister company Alameda Research, also formed a legal team. Stephanie Abakian, former Chief Crypto Regulator of the U.S. Securities and Exchange Commission (SEC), will represent Ellison in the ongoing federal investigation. Avakain is currently Chairman of the Securities and Financial Services of the law firm WilmerHale. In her role with the SEC, she expanded oversight of cryptocurrencies in the law enforcement department.
