Sam Bankman-Fried, the disgraced founder of the FTX cryptocurrency exchange, will be arraigned in a New York Court today on a litany of fraud charges following his extradition from The Bahamas on December 21.
After spending a week and a half at the Bahamas Department of Corrections, the 30-year-old, better known as SBF, formally waived his right to an extradition hearing, clearing the way for his surrender to American authorities.
SBF, who follows a vegan diet, lost a considerable amount of weight during his brief stay at the Bahamian prison known for its harsh conditions.
Hours after Magistrate Shaka Serville remanded SBF into custody at the prison, the Minister of Foreign Affairs signed a warrant of surrender authorizing his extradition.
Bahamian police arrested SBF at his penthouse in the exclusive Albany community on December 12 after American authorities requested his extradition.
When he appeared before a magistrate the following day, SBF said he planned to fight the charges.
However, he had a change of heart after being detained at the prison that has been routinely condemned by human rights agencies for its conditions.
In the past, American judges have given Bahamians who were extradited extra time off their sentences due to the unusually harsh conditions experienced while on remand in The Bahamas.
Meanwhile, SBF’s cofounder, Gary Wang, and his ex-girlfriend, Caroline Ellison, have both pleaded guilty to federal fraud charges and are cooperating with authorities.
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