Bankman-Fried Set for US Extradition To Face Monster Indictment

Disgraced FTX founder Sam Bankman-Fried initially seemed ready to contest US extradition but is now expected to fly out on Wednesday

article-image

FTX founder Sam Bankman-Fried | Exclusive art by Axel Rangel modified by Blockworks

share

Sam Bankman-Fried is preparing to leave The Bahamas 10 days after his arrest, with the alleged FTX fraudster reportedly agreeing to US extradition.

The former CEO signed off on documentation for extradition and is expected to fly to the US on Wednesday, per NBC News, citing a Bahamas prison official.

Bankman-Fried was planning to consent to extradition and should first appear in federal court in the Southern District of New York, a source told Blockworks earlier this week.

Doan Cleare, acting Bahamas commissioner of corrections, described the former crypto billionaire’s demeanor at the time of his consent, telling local outlet The Tribune he wasn’t uncomfortable and was “ready to go.” 

Cleare added Bankman-Fried gave no explanation as to why he agreed to waive his right to contest the extradition, despite initially declining. But that the process can take years and he “probably was unwilling to be here for four, five years,” Cleare said.

Others have speculated that Bankman-Fried opted for US extradition as he could no longer endure The Bahamas’ facility, which has been known to be overcrowded, although Bankman-Fried has made no such statements.

Zachary Margulis-Ohnuma, a criminal defense lawyer in New York, told Blockworks that Bankman-Fried will most likely be held at the Metropolitan Detention Centre in Brooklyn. Ghislaine Maxwell, the convicted child sex offender, was once detained at the same jail.

“If there is no appropriate space at that jail it is possible he could be taken to one of the local jails in New Jersey or Westchester, which rent space to the federal government,” Margulis-Ohnuma said.

A spokesperson for Bankman-Fried didn’t return Blockworks’ request for comment by press time.

Sam Bankman-Fried can apply for bail after US extradition

Before his arrest last week, Bankman-Fried reportedly lived a lush lifestyle within a 600-acre luxury resort called Albany located on the Bahamian island of New Providence.

He resided in a penthouse worth $30 million in the resort’s seaside Orchid residence along with nine other FTX colleagues, according to Fortune.

Jerone Roberts, his lead counsel in the US, told reporters that Bankman-Fried’s voluntary agreement for extradition went against “the strongest possible legal advice,” reported New York Times.

Prior to his scheduled flight to the US, Bankman-Fried was denied bail and remanded to the correctional facility until Feb. 8, according to the Nassau Guardian. Upon arrival in the US, Bankman-Fried can apply for bail once again.

US prosecutors in Manhattan have filed eight criminal counts against the FTX founder including wire fraud and money laundering charges. The SEC filed a separate case alleging intent to defraud FTX’s equity investors in the US.

Bankman-Fried faces a prison sentence of up to 115 years if convicted of all eight federal indictment charges.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

LBTC and sBTC integrations unlock new DeFi yields for BTC holders

article-image

The Breakdown becomes your central hub for insightful, daily crypto macro analysis

article-image

What was a cool $500,000 would now be worth more than $7 million

article-image

Mersinger’s final day at the CFTC will be May 30

article-image

Squads CEO Stepan Simkin explained why the firm launched Altitude and how he’s thinking about stablecoins

article-image

Sponsored

Instead of endless wallet popups, users could connect once, set clear rules, and delegate permission to an app or to an AI agent.