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FTX Founder Sam Bankman-Fried Faces Life In Prison, Consents To US Extradition

Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, has consented to his extradition to the U.S. where federal prosecutors have charged him with eight fraud and conspiracy charges.

Jerone Roberts, who is representing Bankman-Fried in the Bahamas, announced that his client “has agreed to be voluntarily extradited to the United States of America,” CNN reported.

Bankman-Fried is expected to return to the court sometime on Tuesday, according to a Fox Hill jail spokesperson.

See Also: FTX Hopes To Rake In All Payments, Political Contributions Made By Former Execs

Bankman-Fried, 30, was arrested a week ago from his Bahamas house.

Since FTX declared bankruptcy last month, Bankman-Fried has acknowledged administrative errors but denied intentionally defrauding clients or investors in a number of media interviews and tweets.

If convicted on just one of eight crimes that prosecutors have charged him with, Bankman-Fried could get life in federal prison.

On Monday afternoon, Roberts informed several reporters that Bankman-Fried, also known as "SBF" in the crypto community, might be extradited on the same day as his upcoming court appearance.

“Bankman-Fried wishes to put the customers right and that is what has driven his decision to be voluntarily extradited to the United States,” according to Roberts.

Bankman-Fried's extradition hearings earlier on Monday seemed to be at a standstill as his Bahamian counsel and local prosecutors sparred angrily in court.

Authorities said that an arrangement had been made with Bankman-Fried's U.S. attorneys to permit his extradition to the country so that he could be charged with federal crimes.

Roberts claimed he was not a party to that arrangement and argued that he should not have to "fish on the internet" for the U.S. indictment because prosecutors would not give it to him.

Prosecutor Franklyn Williams responded by dismissing Roberts' claim and calling it "not to be believed."

Bankman-Fried, who was detained last week and showed up in the same navy-blue suit, was anticipated to give up his fight against extradition, removing a substantial roadblock to his return to the U.S. to face various fraud and conspiracy accusations.

Most of those present at the hearing were representatives from the US Embassy and the crypto community, who support keeping Bankman-Fried in the Bahamas for punishment rather than extraditing him to the U.S.

The magistrate in charge of the case left the courtroom after the hearing so that Bankman-Fried could contact his U.S. attorneys in the presence of his Bahamian counsel.

After the hearing, Bankman-Fried was taken back to the Bahamian jail.

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