SBF returned to Bahamian jail as US extradition postponed

Sam Bankman-Fried could have been extradited to the United States today, but his sudden appearance in court changed the game.

Bloomberg initially informed of That the SBF was likely to be extradited to the US as early as Monday, citing its sources. later cnbc Confirmed that he is ready to give up his extradition fight.

Though the SBF appeared in court earlier today, there has been no action on his extradition. According to wall street journal, his lawyer Jaron Roberts was surprised to see him there. He claimed to the judge that he did not know about Bankman-Fried’s plans, so the hearing was adjourned.

Bankman-Fried Spent a little over a week in the Bahamas Department of Correctional Services after being denied bail last week. His next bail hearing before the Supreme Court is scheduled for January 17.

Former FTX CEO Initially Wanted oppose extradition to the United States, where he faces significant charge for allegedly defrauding FTX investors.

What charges will Bankman-Fried face in the US?

Federal prosecutors for the Southern District of New York filed eight charges of fraud and conspiracy against Bankman-Fried. If convicted on all eight counts, he faces up to 115 years in prison.

Furthermore, US market regulators have filed civil complaints against him, alleging that he played a ‘house of cards’ by convincing investors that their cryptocurrency investments were the safest.

Prosecutors allege that Bankman-Fried and others perpetrated several scams. He allegedly used money from FTX customers to fund the activities almida, a hedge fund that he controlled. It is further alleged that he misled investors in Alameda’s hedge fund about the firm’s financial condition through false communications.

According to the 14-page indictment, the SBF also allegedly conspired to break federal election law is contributing For candidates and political organizations from 2020 to November 2022.

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