Sam Bankman-Fried, currently held in a Bahamian prison, now plans to face the music and will not fight extradition to the US, reports say

According to media reports, Sam Bankman- Fried is expected to appear in a Bahamian court on Monday to withdraw his previous decision to fight the US's request to extradite him.

The news was reported by the Washington Post.

Bankman-Fried's lawyers said at a court appearance on Tuesday that they would fight his return to the US.

The FTX founder told Andrew Ross Sorkin that he was considering going to the US to speak to members of Congress. He made the comments during a video call from the Bahamas, where he and his family own multiple properties.

He was indicted by a US grand jury on Tuesday. wire fraud against customers and conspiracy to commit campaign fraud against the us are included in the indictment. He is accused of misappropriating billions of dollars of FTX customers' funds in order to finance his hedge fund. He is accused of misleading investors about the fund's strength and using the money to fund campaign donations.

The FTX founder was denied bail by a judge during a hearing in the Bahamas on Tuesday and remains in its only prison. Bankman-Fried's lawyers argued that he should be released so he could maintain his vegan diet and take his medication.

The judge decided the 30-year-old was a flight risk and sent him to jail.

If his extradition to the US goes ahead, Bankman-Fried would likely appear in court in New York and face criminal charges that come with a maximum prison sentence of 115 years, per the Reuters report. 

Mark Botnick, a spokesman for Bankman- Fried, did not respond to Insider's request for comment outside of normal working hours.