FTX case: Sam Bankman-Fried finally prefers to be extradited to the United States

FTX case: Sam Bankman-Fried finally prefers to be extradited to the United States

Quick change of mind – If the Bahamian are paradise islands in many respects (tax, in particular), the conditions of detention of Sam Bankman-Fried obviously must have seemed too harsh to the founder of FTX. Indeed, after wanting challenge his extradition to the United States, the ex-CEO of the fallen crypto-stock market would now be hurry to go.

The ex-CEO of FTX prefers American prisons to those of the Bahamas

Sam Bankman-Fried (SBF) had previously exercised its right to contest the extradition requested by the United States, where he is eagerly awaited by justice. In particular for accusations of frauds against its clients, as well as whitening money (8 counts in all).

But since this Monday, December 19, 2022, the ex-boss of FTX would eventually agree to be extradited as soon as possible to the USA. It is in particular a dispatch from Reuters who tells us, according to a source familiar with the matter.

Indeed, by the time this article is published, SBF is expected to appear in court in the Bahamas. This in order to reconsider foregoing to challenge his extradition.

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Sam Bankman-Fried soon released on bail?

And if Sam Bankman-Fried were indeed to be extradited and tried in the United States, he could seek a bail, from his first appearance. Although US prosecutors may consider that his leak risk is too important to release, SBF would have nothing to lose. Especially if prison conditions at Fox Hill Penitentiary in the Bahamas are as execrable than described by some.

“The missing money [dans l’affaire FTX] gives prosecutors strong arguments to say that he is in danger of absconding. (…) I expect that, if a judge grants provisional release, he will impose very restrictive and onerous conditions. »

Michael Weinstein, former federal prosecutor

Yes, remember that in the United States, the rich accused can come out free if they have enough money to pay their bail. And unfortunately, the idea of ​​generalizing this system unequal possible begins to spread also in France.

The potentials 1 million creditors that Sam Bankman-Fried left on the floor with FTX will probably appreciate very little to see him already released, while that does not not even a week since he was arrested. Fortunately, Damian Williamsthe top federal prosecutor in Manhattan, where SBF would face trial if repatriated to the US, sees the downfall of the FTX/Alameda empire as one of the “biggest financial frauds” of American history. Bail is not a foregone conclusion.

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