Newly charged FTX Founder Sam Bankman-Fried is expected to appear again in Bahamian court on Monday, where he would change course and agree to no longer fight extradition to the United States
Reuters first reported news of the reversal on Saturday.
An unnamed official who interacts daily with Bankman-Fried at the Bahamas prison known as Fox Hill told the Washington Post that the disgraced FTX founder remarked on Friday that he would agree to be extradited to the United States. United to “face the music” if his lawyers were unable to convince a judge to grant him bail.
Their first attempt at bail failed after he told Judge Bankman-Fried he needed to be released in order to pursue his vegan dietary needs and continue taking medication for depression, insomnia and ADHD.
Bankman Fried was arrested on Monday and charged in Manhattan federal court on Tuesday with fraud, money laundering and campaign finance charges in connection with an alleged scheme to embezzle billions of dollars in customer funds deposited with the international crypto exchange. FTX currency and to mislead investors and lenders to FTX and Alameda Research, the cryptocurrency hedge fund he also founded.
In the days that followed, federal prosecutors contacted the Democratic and Republican campaigns about donations received from the FTX founder.
Those receiving emails from the U.S. Attorney’s Office for the Southern District of New York include the campaign of new House Minority Leader Rep. Hakeem Jeffries, DN.Y., as well as Elias Law Group, a firm launched last year by leading Democratic lawyer Marc Elias who represents the DNC, the Democratic Senate Campaign Committee and the Democratic Congressional Campaign Committee, The New York Times reported.
Bankman-Fried, 30, was the second-largest individual Democratic donor in the 2022 midterm election cycle behind prominent liberal billionaire contributor George Soros.
The cryptocurrency mogul ranked sixth on the overall list of individual donors for the 2022 midterms for federal contributions. According to Open Secrets, a Washington, D.C.-based nonprofit, Bankman-Fried’s total contributions during the midterm election cycle amounted to nearly $40 million, with the majority going to Democrats. About $235,200 of that amount went to Republicans.
If he waives his right to extradition, a first appearance in Manhattan court must take place within 48 hours of Bankman-Fried’s arrival in the United States, according to Reuters.