The founder and former CEO of FTX will hold a hearing in Bahamian court on Wednesday regarding his possible extradition to the United States.
A source with knowledge of the matter told the Associated Press that Sam Bankman-Fried is facing charges related to the cryptocurrency market crash.
The source spoke on condition of anonymity as he was not authorized to speak on the recording.
Bankman-Fried’s lawyers said their client has agreed to extradition to the United States, but the necessary paperwork has not yet been written.
FTX: WHAT SAM BANKMAN-FRIED’S LAWYERS WILL POSSIBLY DO TO DEFEND HIM
Earlier reports said the defense attorney told the court that he was delaying accepting extradition until he saw the indictment his client was facing in the United States.
It is not yet clear when Bankman-Fried’s extradition will take place after it was confirmed by the Bahamian court.
Altogether, Bankman-Fried is accused of conspiracy to commit electronic fraud to customers; electronic fraud on customers; conspiracy to commit electronic fraud on lenders; commit electronic fraud on lenders; conspiracy to commit commodity fraud; conspiracy to commit securities fraud; conspiracy to launder money and conspiracy to defraud the United States and violate campaign finance laws.
FTX’S BANKMAN-FRIED LOOKS LOOKING DURING THE COURT
Bahamian authorities arrested Bankman-Fried last week at the request of the US government.
The 30-year-old could potentially spend the rest of his life in prison.
Bankman-Fried was released on bail on Friday after a Bahamian judge ruled he was at risk of absconding.
CLICK TO READ MORE ABOUT FOX BUSINESS
Bankman-Fried’s lawyer will be able to request bail when he returns to the United States.
Anders Hagstrom of FOX Business and The Associated Press contributed to this report.