Sam Bankman-Fried has officially waived his right to fight extradition, paving the way for his return to the United States.
“I wish to waive my rights to formal extradition proceedings,” Sam Bankman-Fried told Judge Shaka Servill during a hearing today. Bankman-Fried had arrived at the Nassau Courthouse under heavy police guard after signing preliminary extradition documents the night before.
Sam Bankman-Fried was arrested by authorities in the Bahamas last week. He faces multiple criminal charges by the US Department of Justice.
He spent the term of his detention at Fox Hill, a correctional facility on the outskirts of Nassau. A 2021 US State Department report described the facility as “harsh”.
Bankman-Fried Granted Extradition
Wearing a blue suit, white shirt and socks, and brown leather shoes, Bankman-Fried told the judge that he was “doing well” despite the terms of his imprisonment. Bankman-Fried’s defense attorney said that his client had eaten the food and was in good health but was “eager to go.”
Although Bankman-Fried initially intended to fight extradition, plans changed with the prospect of obtaining bail in the United States. They also made the decision out of a “desire to make relevant customers whole,” according to an affidavit. Sam Bankman-Fried’s attorney also requested a “rule of attribution” for his client. It is only used to prosecute a person on charges relating to extradition.
Servill said he was satisfied that Bankman-Fried was not “coerced, coerced or threatened” into making the decision, adding that all legal requirements for extradition had been met. “Therefore I have formally committed to detaining you while you await your extradition,” he said. Servil has now handed over the matter to the country’s foreign affairs minister for approval.
Back to Face the Music in the US
Meanwhile, US federal officials including the FBI and United States Marshals Service have already arrived in Nassau in anticipation of her return with Bankman-Fried. Sam Bankman-Fried could reach the US the same day, depending on the speed of approval from the Secretary of State. Once there, Sam Bankman-Fried would be charged. At this point, his lawyers can present a case to get him bail.
Under US law, Sam Bankman-Fried must be produced before a Manhattan court within two days of arriving. His charges will be read out during this preliminary hearing. Federal prosecutors accused Bankman-Fried of funneling billions of dollars into FTX client assets to cover losses at her hedge fund, Alameda Research.
If Sam Bankman-Fried arrives in New York after court hours, he will be held at the court complex overnight. If bail is denied, Sam Bankman-Fried could be incarcerated in a pre-trial facility such as the infamous Metropolitan Detention Center in Brooklyn.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.