Sam Bankman-Fried to Drop Fight Against Extradition to U.S.

Disgraced FTX founder and former CEO Sam Bankman-Fried is reportedly ready to “face the music” and be extradited to the U.S. where he faces a litany of financial criminal charges related to his actions at the now collapsed company.

FTX filed for bankruptcy last month after users discovered that the company was intertwined with sister firm Alameda Research; both were controlled by Bankman-Fried and a group of amateur executives working from a luxury penthouse in the Bahamas. The disgraced entrepreneur was arrested this week by authorities in the island nation, where his companies were headquartered, as U.S. securities regulators and federal law enforcement officials accused him of fraud.

Bloomberg News reported that SBF will “drop his fight against extradition to the U.S.” to face charges of conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.

A prison official described SBF as “a little arrogant,” and seemingly “awfully scared” of being inside the Bahamas prison, known as Fox Hill, which was previously described by one prison officer as not being “fit for humanity.”

The disheveled 30-year-old reportedly spends his days watching entertainment shows and reading news articles about himself.

A 2021 U.S. State Department report on the prison described conditions inside as “harsh due to overcrowding, poor nutrition, inadequate sanitation, and inadequate medical care.”

“Prisoners reported infrequent access to nutritious meals and long delays between daily meals,” the report said. “Maximum-security cells for men measured approximately six feet by 10 feet and held up to six persons with no mattresses or toilet facilities. Inmates removed human waste by bucket. Prisoners complained of the lack of beds and bedding. Some inmates developed bedsores from lying on bare ground. Sanitation was a general problem, and cells were infested with rats, maggots, and insects. The government claimed to provide access to toilets and showers one hour a day to prisoners in maximum-security areas.”

“Individuals detained in jails complained they were denied access to medical care and food,” the report added. “The availability of and access to medical and psychological care were sporadic. Prisoners consistently complained that prison authorities did not take their health concerns seriously. Sick male inmates and male inmates with disabilities had inadequate access to the medical center.”

Prison tour today.

Check out @GuardianNassau for full tour video in a bit. pic.twitter.com/oGQnFetjcv

— Jasper Williams-Ward (@jasperward94) November 28, 2022

Ben Zeisloft contributed to this report.

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