Bankman-Fried will not fight extradition to the U.S. for fraud.

By The Exchange Team

Sam Bankman-Fried, the founder and former CEO of FTX, will no longer fight extradition to the United States.

A CNBC source said he changed his mind days after being remanded to Bahamian jail pending a hearing.

The ex-crypto billionaire will relinquish his extradition rights in Bahamian court on Monday, allowing federal authorities to extradite him to the U.S.

The Bahamas-U.S. extradition pact was signed in 1991. Due to the accused's many appeals, the procedure can take months or years.

Bankman-Fried's legal team initially stated that he intended to fight extradition.

The change of heart would significantly shorten the timeline for Bankman-federal Fried's trial.

The 30-year-old MIT graduate's next hearing was originally scheduled for February 2023.