Following a court appearance in the Bahamas on Monday, Sam Bankman-Fried, the founder of the now-bankrupt FTX crypto exchange, reportedly consented to be extradited to the United States. He is currently facing charges in Manhattan federal court for eight counts of fraud. Chief Magistrate JoyAnn Ferguson-Pratt turned down the accused founder’s request to stay at home while he awaited a hearing on his extradition and consequently imprisoned Bankman-Fried in the Fox Hill Prison in Nassau.
Sam Bankman-Fried’s Bail Plea
However, as per the latest reports the former FTX CEO might finally be released on bail in the United States. And, according to FOX business journalist, Eleanor Terrett, SBF might step on the U.S. soil by “tonight or tomorrow”.
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Read More: SBF To Appear In Court Today: Here’s What To Expect
She continued by saying that bail could be granted to Bankman-Fried after preliminary agreements between his attorneys and Southern District of New York (SDNY) prosecutors.
Adding detail here: Bankman-Fried will be arraigned at a federal court in Manhattan where he’ll have a new bail hearing. While multiple sources say he’s expected to be released on bail, it will ultimately be up to the judge to decide.
— Eleanor Terrett (@EleanorTerrett) December 20, 2022
The development comes moments after Bankman-Fried’s bail request got denied in the Bahamas court. Since SBF was detained on December 13 on suspicion of fraud and money laundering, his attorneys have stepped up efforts to secure his release on bail.
Higher Chances Of Bail In US?
Sources who are closely related to this matter have stated that, SBF has a higher chance of getting bail in the United States after his request is put up in the Manhattan court.
Read More: Manhattan Court Finds FTX Founder SBF Guilty To Wire Fraud
Accordingly, defense attorney Zachary Margulis-Ohnuma noted that SBF will be asked to submit a plea during his initial court appearance in Manhattan and the judge will then determine his bail.
He further stated that, a hearing like this must take place within 48 hours of Bankman-arrival Fried’s in the US, even though it would undoubtedly occur sooner.
Read More: How Much Of Sam Bankman-Fried’s Donations Are U.S. Politicians Giving Up?
In the event that the founder of FTX is extradited to the United States, he will be brought before the court to face charges of wire fraud, money laundering, and improper financing of political campaigns.
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