Beautiful Virgin Islands

Tuesday, Jun 24, 2025

FTX’s Bankman-Fried appears at Bahamas court; expected to waive extradition

FTX’s Bankman-Fried appears at Bahamas court; expected to waive extradition

Sam Bankman-Fried, founder of now-bankrupt crypto exchange FTX, appeared at court in the Bahamas on Monday although his lawyer said the reason for the hearing was unclear, after a source told Reuters the former billionaire was expected to agree to be extradited to the US.

Bankman-Fried initially had said he would fight extradition after his arrest a week ago in the Bahamas, where he lives and FTX is based. He was denied bail and remanded to the Caribbean nation’s Fox Hill prison.

Reuters reported first on Saturday that Bankman-Fried would return to court to reverse his decision, citing a source. Bankman-Fried exited a black van reading ‘Corrections’ outside the courthouse in Nassau on Monday, dressed in a dark blue suit carrying a manila folder containing papers.

Bankman-Fried’s defense lawyer however told Magistrate Shaka Serville that he does not know why Bankman-Fried was brought to court this morning. The court broke for recess so Bankman-Fried’s lawyers could confer with him.

The 30-year-old crypto mogul rode a boom in the value of Bitcoin and other digital assets to become a billionaire several times over and an influential political donor in the United States, until FTX collapsed in early November after a wave of withdrawals. The exchange declared bankruptcy on Nov. 11.

Federal prosecutors in Manhattan said Bankman-Fried stole billions of dollars in FTX customer deposits to plug losses at his crypto hedge fund, Alameda Research. They accuse Bankman-Fried of misleading lenders and investors, conspiring to launder money, and violating US campaign finance laws.

Bankman-Fried has acknowledged risk management failures at FTX but said he does not believe he has criminal liability.


Long road to eventual trial


Upon being extradited to the US, Bankman-Fried would be required to appear before a judge in Manhattan within two days, though the hearing would likely take place quickly. He would be asked to enter a plea, and the judge would make a determination on bail.

Prosecutors are expected to argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

Bankman-Fried would likely be held at the Metropolitan Detention Center in Brooklyn, though due to overcrowding there some federal defendants are being held at jails just outside New York City, said Zachary Margulis-Ohnuma, a New York defense lawyer at ZMO Law PLLC who is not involved in the case.

It was not immediately clear what prompted Bankman-Fried to change his mind on extradition. In a 2021 report, the US State Department described “harsh” conditions at the Fox Hill correctional facility where Bankman-Fried was being held, with overcrowding, rodent infestation and prisoners using buckets as toilets. Bahamas authorities say conditions have since improved.

Bankman-Fried had been remanded to the prison on Tuesday after Chief Magistrate JoyAnn Ferguson-Pratt rejected his request to remain at home while awaiting a hearing on his extradition.

In the US it is highly unusual for judges to deny bail to defendants accused of non-violent financial crimes, though they typically demand steep dollar amounts and impose onerous monitoring conditions.

High-profile defendants including Ponzi schemer Bernard Madoff, Theranos founder Elizabeth Holmes, and Enron executives Jeffrey Skilling and Kenneth Lay were all granted bail before trial.

Damian Williams, the top federal prosecutor in Manhattan, last week described the collapse of FTX as one of the “biggest financial frauds in American history.” He has said the office’s investigation is ongoing, and called on people with knowledge of wrongdoing at FTX or Alameda to cooperate.

Any trial of Bankman-Fried is likely more than a year away, legal experts told Reuters.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×