Sam Bankman-Fried will NOT appeal extradition to US over $1B FTX crypto scam

Former FTX CEO Sam Bankman-Fried has reversed his decision to contest his extradition from the Bahamas to the United States over fraud allegations and will appear in court in the Bahamas on Monday to announce his decision, according to a report.

The cryptocurrency mogul was indicted in federal court in Manhattan on Dec. 13, accused of complicity in a scheme to defraud FTX customers.

His decision to agree to extradition would pave the way for him to appear in US court to face charges of using stolen client deposits to pay off expenses and debts and making investments on behalf of his crypto hedge fund, Alameda Research LLC to have.

Prosecutors investigating Sam Bankman-Fried’s alleged cryptocurrency fraud are investigating who else knew about the scheme — and putting a spotlight on his business partner and right-wing mirror image.

Ryan Salame, 29, was co-CEO of FTX Digital Markets, the company’s Bahamas subsidiary.

Sam Bankman-Fried, 30, is seen in the Bahamas on December 13. It emerged on Saturday that he will not appeal his extradition to the US for fraud

Bankman-Fried is the only FTX officer charged so far, but prosecutors are investigating his associates and colleagues

He divided his time between the Bahamas, where Bankman-Fried’s FTX was based, and Washington DC, where he lived with his girlfriend, a cryptocurrency lobbyist, Michelle Bond.

And while Bankman-Fried emerged as a Democrat mega-donor, receiving $40 million for Democratic campaigns in the interim period, Salame backed the opposite side with $24 million for Republicans.