Reuters: Sam Bankman-Fried will not challenge extradition to the United States

The founder of the FTX cryptocurrency exchange, Sam Bankman-Fried, will not challenge extradition to the United States, where he is charged with fraud and money laundering. This is reported by Reuters with reference to its own sources.

On December 12, Bahamian authorities arrested Bankman-Fried at the request of United States law enforcement agencies.

The U.S. attorney's office has charged the ex-head of the exchange with eight criminal offenses, including conspiracy and fraud using electronic means. According to the totality of the articles, he could face up to 115 years in prison.

The FTX founder has also faced lawsuits from US regulators. The SEC charged Bankman-Fried with organizing a fraudulent scheme, defrauding investors and unauthorized use of client funds. The CFTC accused him of violating the Commodity Exchanges Act.

On December 14, a court in the Bahamas rejected Bankman-Fried's application for bail of $250,000, explaining this as a high risk of escape. He was kept in custody at Fox Hill Prison, which is known for poor conditions of detention.

According to Reuters, on Monday, December 19, the FTX founder will make a statement in which he will refuse to challenge extradition to the United States. Initially, Bankman-Fried's lawyers were going to file a motion to block the process.

Recall that the head of the FTX division in the Bahamas, Ryan Salame, warned the local regulator about the potential fraud of the company two days before filing for bankruptcy.