FLIGHT RISK

FTX’s Sam Bankman-Fried Suggests He’ll Fight Extradition From the Bahamas

The fallen crypto king was indicted on eight criminal charges.

FTX’s disgraced CEO Sam Bankman-Fried signaled to a Bahamian chief magistrate on Tuesday that he has not waived his right to an extradition hearing, suggesting the former billionaire would fight extradition to the U.S. and renewing concerns over whether the court has the jurisdiction to consider bail for the former flight executive. The crypto honcho, whom local authorities consider a flight-risk, stands accused of using the FTX exchange’s sister trading platform, Alameda Research, as a “personal piggy bank” funded by customer assets. He has been indicted on eight criminal charges, including wire fraud and conspiracy, according to the U.S. Attorney of the Southern District of New York, as well as being charged with violating campaign finance laws. In a congressional hearing on Tuesday, the company’s new CEO, John Ray, described FTX’s financial situation as “old-fashioned embezzlement.” Bankman-Fried was arrested at his home in the Bahamas Monday night.