Sam Bankman-Fried is reconsidering his decision to challenge his extradition to the United States

On Monday, Sam Bankman-Fried will be heard to explain that he will ultimately not contest his extradition to the United States. When this takes place, therefore, he should go to a prison in New York, or its outskirts, pending his trial.

Sam Bankman-Fried will consent to his extradition to the United States

Every day a new twist in the FTX case. While just two days ago we learned that Sam Bankman-Fied (SBF) repeated his request for bail, this time our Reuters colleagues report that the person concerned finally accepts his extradition.

After an initial challenge, SBF appears to be resigned, and should be heard Monday to reconsider his original request.

Once Sam Bankman-Fried’s extradition to the United States is effective, he should be transferred to Brooklyn Metropolitan Detention Center, according to attorney Zachary Margulis-Ohnuma. However, the latter indicates that the former CEO may also be imprisoned on the outskirts of New York due to the overcrowding of this prison.

👉 Listen to this article and all other crypto news on Spotify

Furthermore, even in the US, SBF is expected to remain in custody and risks becoming so again refuse bail. This is due to several factors. First, the seriousness of the matter, Damian Williams, the attorney for the Southern District of New York, incidentally referred to as one of “largest financial fraud in American history“.

Then there is always defendant’s risk of disappearing, as well as the location of certain funds, which remain to be defined. Attorney Michael Weinstein has developed this last point:

“The missing money gives the prosecutors a strong case that he is at risk of fleeing. I expect that if a judge grants bail, he will impose very restrictive and onerous conditions. »

On the other hand, Reuters legal sources indicate that any lawsuit regarding the case it is unlikely to happen for more than a year, which is understandable given the complexity of the case. Remember, Sam Bankman-Fried is subject to eight counts, which puts him at risk of up to a maximum of 115 years in prison.

👉 Also in the news – The Democrats are set to return part of the Sam Bankman-Fried donations

Alyra, training to integrate the blockchain ecosystem ⛓️

Source: Reuters

Newsletter 🍞

Receive a roundup of crypto news every Monday via email 👌

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliate. This means that if you buy a product or register on a website from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damages or losses caused after the use of any product or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial means. This article does not constitute investment advice.

AMF recommendations. High returns are not guaranteed, a product with high return potential entails high risk. This risk-taking must be in line with your project, your investment horizon and your possibility of losing part of this savings. Do not invest if you are not prepared to lose all or part of your capital.

To continue, please read our financial situation, media transparency and legal notices pages.

Leave a Comment

%d bloggers like this: