Sam Bankman-Fried Waived Extradition – So What is Next for Him?

On December 21, 2022, Sam Bankman-Fried appeared in a Bahamian court and waived his right to contest an extradition request by U.S. prosecutors, to return him to New York to face a federal indictment accusing him of fraud, relating to the collapse of the FTX Cryptocurrency exchange that he founded. Mr. Bankman-Fried reversed his earlier decision to remain in the Bahamas and fight extradition to the United States. Several things may have caused him to change course in his decision. First, winning any extradition hearing has always been challenging – especially in high profile case such as this one. Second, Bahamian Courts have traditionally been fraught with delays – which would hurt Mr. Bankman-Fried, who remains held in jail without bond. Lastly, Mr. Bankman-Fried has been held at the notorious Fox Hill prison, where the conditions are reportedly deplorable, due to overcrowding, filth and lack of medical care. Mr. Bankman-Fried likely decided that he had a better chance of being released on bond once he appears in a federal court in New York. He will now be transported back to the United States ,where he will have the opportunity to request bond in a bail hearing.