After being charged with eight fraud charges and spending his days at the prison known as Fox Hill, former FTX chief executive Sam bankman fried, is expected to appear court in the Bahamas on Monday and as per reports he can reverse his decision to contest expedition to the United States.
The 30-year-old former cryptocurrency executive was indicted in federal court in Manhattan and was accused of engaging in a scheme to defraud FTX customers.
He has allegedly been using billions of dollars in stolen deposits to pay for expenses and debts. He was also accused of using the money to make investments for his crypto hedge fund, Alameda Research LLC. To contest and consent to the extradition, Bankman fried will have to appear in the U.S Court. Where, according to reports, he would likely be held at the Metropolitan Detention Center in Brooklyn.
Now, according to the defense lawyer, at his initial court hearing in Manhattan bankman fried, will be asked to enter a plea on the basis of which, the judge should make a decision on the bill.
It does not immediately clear what prompted Bankman Fried to change his mind and decide not to contest extradition. For now, Bankman fried is staying in Fox Hill, where he's undergoing a medical evaluation.
