Washington, Dec 20 (AP) Sam Bankman-Fried could also be prepared to come back to the US to face felony prices associated to the collapse of cryptocurrency change FTX following a chaotic courtroom look within the Bahamas.

A lawyer for Bankman-Fried was quoted as saying Monday the disgraced FTX founder has agreed to be extradited to the United States. A courtroom listening to was stopped earlier within the day when his attorneys stated it was untimely for him to face earlier than the courtroom.

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Jerone Roberts, a neighborhood protection lawyer for Bankman-Fried, informed The New York Times that legal professionals will put together the required paperwork for extradition. “Mr. Bankman-Fried wishes to put the customers right, and that is what has driven his decision,” the Times quoted Roberts telling reporters.

It was not instantly clear when extradition might happen.

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The courtroom look got here only a week after Bankman-Fried’s legal professionals had initially stated that they deliberate to combat extradition. An extradition listening to had been scheduled for Feb. 8. The reversal might velocity up the timetable for him to be despatched to the U.S.

Bahamian authorities arrested Bankman-Fried final Monday on the request of the U.S. authorities. U.S. prosecutors allege he performed a central position within the fast collapse of FTX and hid its issues from the general public and buyers. The Securities and Exchange Commission stated Bankman-Fried illegally used buyers’ cash to purchase actual property on behalf of himself and his household. The 30-year-old might doubtlessly spend the remainder of his life in jail.

Bankman-Fried arrived on the courthouse in a black van marked Corrections, which was escorted by a SWAT car and a police car. Police rapidly whisked him into an entrance behind the courthouse.

A handful of people that stated they had been both crypto lovers or FTX clients got here to the courthouse to witness the proceedings.

“We want him to feel the weight of what he’s done,” stated Ben Armstrong, the founding father of the BitBoy Crypto web site. Armstrong stated he’d come to the courthouse with a dozen folks, a few of whom had misplaced their cash with FTX.

If he is dropped at New York, Bankman-Fried will seemingly be held, no less than quickly, in a federal detention heart in Brooklyn. Other well-known prisoners on the Metropolitan Detention Center in recent times have included the sexually-abusive singer R. Kelly, the pharmaceutical firm govt Martin Shkrelli and the socialite Ghislaine Maxwell, who was convicted of serving to the millionaire Jeffrey Epstein sexually abuse youngsters.

During her time on the MDC, which homes round 1,600 prisoners, Maxwell’s legal professionals repeatedly complained to a decide that it was unsanitary, tormented by cockroaches and rodents. In latest years, three guards there have been convicted of sexually abusing inmates. In 2019, an influence failure left inmates shivering for every week within the lifeless of winter.

Once he is again within the U.S., Bankman-Fried’s lawyer will have the ability to request that he be launched on bail. A separate decide within the Bahamas denied Bankman-Fried’s request for bail final week on the grounds he was a flight danger.

Bankman-Fried’s downfall, from crypto evangelist to pariah, occurred with beautiful velocity. FTX filed for chapter safety on Nov. 11 when it ran out of cash after the cryptocurrency equal of a financial institution run.

Before the chapter, Bankman-Fried was thought-about by many in Washington and on Wall Street as a wunderkind of digital currencies, somebody who might assist take them mainstream, partly by working with policymakers to convey extra oversight and belief to the business.

Bankman-Fried had been price tens of billions of {dollars} — no less than on paper — and was capable of appeal to celebrities like Tom Brady or former politicians like Tony Blair and Bill Clinton to his conferences at luxurious resorts within the Bahamas. One outstanding Silicon Valley agency, Sequoia Capital, invested a whole lot of thousands and thousands of {dollars} in FTX.

The new CEO of FTX, John Ray III, informed a congressional committee on Tuesday that there was nothing subtle about what Bankman-Fried was as much as.

“This is just old fashion embezzlement, taking money from others and using it for your own purposes,” he stated. (AP)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff could not have modified or edited the content material physique)