Sam Bankman- Fried is facing fraud charges in the U.S. The former CEO of FTX is currently in a jail in the country.
The U.S. government notified the Bahamas that it had filed criminal charges against him and that he would likely be extradited. Since 1994, the US and the Bahamas have been able to extradite one another.
He was denied bail by a judge in the country. The lawyer for Bankman-Fried said during the proceedings that he would fight the plans to extradite him to the U.S..
Bankman- Fried is expected to appear in a Bahamian court on Monday to reverse his decision to contest his deportation.
Bankman-Fried has been charged with eight criminal counts, including conspiracy and wire fraud, for using billions of dollars in customers' funds. He could face up to 115 years in prison if convicted on all the charges.
Mark Cuban said he would be afraid of going to jail if he were Bankman-Fried.
Bankman-Fried wasn't already in prison, according to the CEO of the U.S. based coin exchange.
There is a very open and shut case for fraud that the DOJ should be able to make.
The implosion of FTX last month was unexpected. Tom Brady and other celebrities were enlisted by the exchange to bolster its image.
On the same day that FTX filed for bankruptcy, Bankman- Fried resigned as CEO. He is accused of using customer funds from his exchange to fund riskier bets at his hedge fund.
Bankman-Fried was said to have enjoyed a luxurious lifestyle in the Bahamas.
Fox Hill prison in the Bahamas is described by the U.S. State Department as a jail with overcrowding and a rat problem.
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