Chaos ensues at Sam Bankman-Fried’s extradition trial, FTX-founder sent back to Bahamian jail- Technology News, Firstpost

FP StaffDec 20, 2022 12:09:57 IST

FTX’s co-founder Sam Bankman-Fried’s extradition trial was chaotic, to say the least. The proceedings hit a major snag on the first day itself, and have now evolved into something that may be a prolonged trial.

Bankman-Fried told the Bahamian court where his extradition trial was taking place, that he was ready to waive his right to fight extradition to the US where he is set to face charges including wire fraud. However, his local lawyer, Jerone Roberts, interjected and said in the same hearing that he wasn’t aware of the plan and that he needed time to consult with his client and see if he was being coerced in any way. 

This set off confusion in the Nassau courtroom. Ultimately, the proceedings were adjourned, and Bankman-Fried was ordered to return to prison.

This is the latest twist in a series of events that seems to be straight out of a heist movie, after Bankman-Fried was arrested last week by the Bahama police, upon the request of US authorities. 

Although last week Bankman-Fried declared that he would fight extradition, he has more recently indicated in private conversations that he was preparing to return to the US as it will be possible for him to get bail. He has been denied bail in the Bahamas and has been held in a notorious correctional facility on the outskirts of Nassau known as Fox Hill.

Amid Monday’s confusion, the judge adjourned the proceedings and ushered the spectators out. In the cleared-out courtroom, Bankman-Fried and his local lawyer Roberts appeared to convene a conference call. The next court date is set for Feb. 8, although one could be called sooner.

Before his arrest, in numerous interviews following FTX’s implosion last month, the 30-year-old denied knowingly committing fraud or breaking the law.

FTX and scores of related companies declared bankruptcy last month after three years of frenetic growth. At its peak, the exchange was worth US$32 billion.

Authorities in both the Bahamas and the US are continuing to probe Bankman-Fried’s involvement in FTX’s collapse last month. The firm was headquartered in the Bahamas.