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.