Crypto tycoon Bankman-Fried could be extradited Wednesday – source

FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police Force at the Nassau, Bahamas, courthouse on December 19, 2022. – Cryptocurrency tycoon Samuel Bankman-Fried arrived at Bahamas magistrate court Monday where he could move to accept extradition to the United States to face charges over the multibillion-dollar collapse of his FTX group. (Photo by Kris INGRAHAM / AFP)

NEW YORK, United States — Onetime crypto-king Samuel Bankman-Fried could be extradited from the Bahamas to New York on Wednesday to stand trial for fraud, a source familiar with his case said Tuesday.

The former head of the FTX group, which was worth some $32 billion before it imploded in November, is planning to appear in Nassau court Wednesday with signed papers agreeing to his extradition, the source told AFP.

After that, Bankman-Fried could be quickly loaded on an aircraft and sent to the United States, the source said.

READ: Former FTX CEO Bankman-Fried arrested in Bahamas, U.S. to unveil charges

The 30-year-old one-time digital currency billionaire was arrested at his Nassau apartment on December 12 at the request of federal prosecutors who alleged that he cheated investors in FTX and misused funds that belonged to customers of FTX and its sister trading unit Alameda Research.

He was charged in New York with eight counts including conspiracy, wire fraud, money laundering, and election finance violations.

Separately the SEC accused him of violating securities laws.

READ: FTX founder Sam Bankman-Fried charged with fraud, denied bail

Bankman-Fried “was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire,” US prosecutors said.

After one week in Nassau’s Fox Hill prison, on Monday he appeared in court amid speculation he would have his rights to fight extradition.

But the court session was cut short and he was sent back to the prison after he consulted with his local and US attorneys.

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