Sam Bankman-Fried seeks to reverse decision on contesting extradition: Report

Sam Bankman-Fried, erstwhile FTX CEO, has reportedly reconsidered his earlier determination to contention extradition and is expected to look successful tribunal successful the Bahamas connected Dec. 19 to question a reversal, Reuters reported connected Dec. 17 citing a idiosyncratic acquainted with the matter. 

By consenting to extradition, Bankman-Fried would beryllium capable to look successful a United States court. He faces charges of conspiracy to perpetrate ligament fraud connected customers and lenders, securities fraud, commodities fraud, wealth laundering and conspiracy to defraud the United States and interruption the run concern law.

The determination follows the Bankman-Fried's bail denial connected Dec. 13 owed to the "risk of flight". The erstwhile CEO's lawyers argued that SBF does not person a transgression grounds and was suffering from slump and insomnia. A 2nd exertion for bail was reportedly filed successful the Bahamas Supreme Court connected Dec. 15.

If convicted, Bankman-Fried could get 115 years successful jail. However, determination is simply a "lot to play out" successful the lawsuit until helium gets a last condemnation wrong the adjacent fewer months oregon adjacent years, legal commentators told Cointelegraph.

Relates: FTX ex-staffer: Extravagant expenditures and cult-like worshipping of SBF

A erstwhile national prosecutor, Mark Cohen, has been hired by the erstwhile FTX CEO to enactment arsenic his defence attorney. As reported by Cointelegraph, Cohen is the co-founder of the instrumentality steadfast Cohen & Gresser, and was a subordinate of the defence squad successful Ghislaine Maxwell's high-profile kid trafficking case.

​​Bankman-Fried is being held successful Fox Hill Prison, the lone situation successful the Bahamas. According to a US State Department study released successful 2021, Fox Hill conditions were "harsh" and overcrowded, with mediocre sanitation and nutrition. Detainees were alleged to person been physically abused by correctional officers.

Ex-CEO of Alameda Research, a sister institution of FTX, Caroline Ellison, has besides formed a defence team. Stephanie Avakian, a erstwhile apical crypto regulator with the United States Securities and Exchange Commission (SEC) volition correspond Ellison successful an ongoing national probe. Avakain is presently seat of the Securities and Financial Services astatine the instrumentality steadfast WilmerHale. In her relation astatine the SEC, she expanded cryptocurrency oversight astatine the Enforcement Division.