Sam Bankman-Fried is set to be extradited to the US.

Sam Bankman-friedThe disgraced cryptocurrency executive will soon return to the United States to face fraud charges in federal court after he told a judge in the Bahamas on Wednesday that he agreed to be extradited.

Mr. Bankman-Fried could arrive in New York as early as Wednesday afternoon to face charges of wire fraud, securities fraud, money laundering and campaign finance violation. Once in New York, he will be arraigned in Manhattan’s Federal District Court, although the exact timing of the proceedings is still unclear. The charges stemmed from the collapse of Mr. Bankman-Fried’s cryptocurrency exchange, FTX, which was based in the Bahamas until its bankruptcy last month.

Mr. Bankman-Fried, 30, has been in custody in the Bahamas since he was arrested at his luxury apartment complex on December 12. On Wednesday, in the Court of First Instance, he confirmed that he had signed documents authorizing the extradition. His lawyer, Jerone Roberts, said Bankman-Fried was “eager to get out” of the Bahamas and expected to leave on Wednesday.

In court, Mr Bankman-Fried told the coroner, Shaka Serville, that he was “fine”. When asked if he was in good health, Mr. Bankman-Fried replied: “Yes.”

Mr. Bankman-Fried was wearing a white shirt and blue suit, with a plastic bag on his lap; he arrived after a breakfast of toast and jam at Fox Hill, the notorious Bahamian jail where he has been held for the past week, according to the facility’s chief administrator, Doan Cleare.

Once Bankman-Fried is extradited, Mark Cohen, an attorney in New York, is expected to oversee his criminal defense.

Even before the extradition, Mr. Bankman-Fried’s legal team in the United States had been negotiating a possible bail package with federal prosecutors. Under the terms that have been discussed, Mr. Bankman-Fried could be released on bail with highly restrictive conditions, including house arrest and electronic monitoring.

Any bail agreement must be approved by a federal judge.

The extradition of Mr. Bankman-Fried to the United States will mark the end of an unusual week of legal maneuvering in the Bahamas.

On Monday, Mr. Bankman-Fried appeared in the Commonwealth Court, where he was expected to consent to extradition to the United States. But the audience turned into chaos as Mr. Roberts questioned whether his client would voluntarily proceed with the transfer.

However, by the end of Monday, Roberts had backtracked, announcing at a hastily arranged press conference that Bankman-Fried had, after all, agreed to be extradited.

The tug-of-war over extradition was a new twist in a legal drama that began in early November, when a run on deposits exposed an $8 billion hole in FTX’s accounts. Federal prosecutors have accused Mr. Bankman-Fried of defrauding clients, investors and lenders by diverting billions in client funds to a crypto trading company called Alameda Research, which was closely linked to FTX.

Since FTX’s founding in 2019, US prosecutors and regulators say, Bankman-Fried has orchestrated widespread fraud, using client money to finance luxury Bahamian real estate purchases, investments in other companies , political contributions and a glamorous marketing campaign.

Mr. Bankman-Fried resigned as CEO of FTX when the company filed for bankruptcy in November. He was indicted less than a month later by a grand jury in the United States District Court for the Southern District of New York.

Damian Williams, the US Attorney for the Southern District of New York, has said the investigation is continuing and additional charges may be filed.

Williams is expected to hold a news conference on Wednesday afternoon to discuss the Bankman-Fried case.

William K. Rashbaum Y Benjamin Weiss contributed reporting.

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