Sam Bankman-Fried, former CEO of crypto exchange FTX, which filed for bankruptcy last month, will not challenge extradition to the US, where he faces charges of fraud and money laundering, Reuters reports.
Recall that the Bahamas authorities arrested Bankman-Fried at the request of United States law enforcement on December 12.
He was reportedly charged for eight criminal offenses, including conspiracy and wire fraud and could face up to 115 years in prison.
He has also faced lawsuits from US regulators. For example, the SEC has charged Bankman-Fried with organizing a fraudulent scheme, whereas the CFTC has accused him of violating the Commodity Exchange Act.
A court in the Bahamas denied Bankman-Fried’s $250,000 bail claim on December 14 citing a high risk of absconding.
The founder of FTX will make a statement today refusing to challenge the extradition to the United States.