Former FTX CEO Sam Bankman-Fried is expected to appear in a Bahamas court on Monday to reverse his decision to contest extradition to the US, a person familiar with the matter told CNN.
The New York Times also reported that Bankman-Fried is expected to agree to extradition to the US, citing a person briefed on the matter.
CNN has reached out to Bankman-Fried’s lawyers, and the Bahamas Attorney General.
The Bahamas police PIO Superintendent Chrislyn Skippings told CNN on Sunday, “If he does go to court tomorrow it would be at Nassau street court complex,located on Nassau street and South streets.”
Last Tuesday, federal prosecutors from the Southern District of New York charged Bankman-Fried with eight counts of fraud and conspiracy. Bankman-Fried could face up to 115 years in prison if convicted on all eight counts against him, though he likely wouldn’t get the maximum sentence.
On top of that, US market regulators filed civil lawsuits accusing Bankman-Fried of defrauding investors and customers, saying he “built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”
Bankman-Fried remains in the Bahamas, where FTX was based, and was arrested last Monday night. He was arraigned Tuesday, and a Bahamian judge denied his request for bail, saying that he posed a flight risk. His extradition to the United States could take weeks.
– Allison Morrow contributed to this report.