Sam Bankman-Fried Now Seeks Extradition to the US

1. SBF will most likely make an appearance in court in the Bahamas on Monday.
2. His team said that they intended to contest extradition to the United States.
3. Caroline Ellison has also assembled a legal defense team.

The latest information from Reuters indicates that Sam Bankman-Fried will most likely make an appearance in court in the Bahamas. It is believed that the appearance on Monday may cause him to reconsider his decision to resist his extradition to the United States, where he faces allegations of fraud.

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A treaty signed in 1991 between the United States and the Bahamas formalizes the process of extradition. Due to the fact that the accused has multiple opportunities to appeal, the actual completion of the procedure might take several months or even several years. 

Initially, Bankman-legal Fried’s team said that they intended to contest extradition to the United States. The change of heart would result in a significant acceleration of the timetable for the federal trial of Bankman-Fried.

It is important to note that Fox Hill Jail is the only prison in the Bahamas, where Bankman-Fried is now imprisoned. An official US State Department report from 2021 describes life on Fox Hill as “harsh,” with overcrowding, poor hygiene, and inadequate food supplies. Inmates claimed that correctional staff physically mistreated them while in custody.

Caroline Ellison, the former CEO of Alameda Research and FTX subsidiary, has also assembled a legal defense team. Ellison will be represented in the continuing federal investigation by Stephanie Avakian, a former senior crypto regulator at the United States Securities and Exchange Commission (SEC). 

Avakain presently leads WilmerHale’s Securities and Financial Services practice as its chair. She worked to increase the Enforcement Division’s monitoring of cryptocurrencies while at the SEC.

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