SBF Extradition Hearing Will Resume This Wednesday

According to a Tuesday report, the hearing on Sam Bankman-Fried’s extradition to the United States will resume on Wednesday. It was also reported that FTX’s former CEO signed his extradition papers confirming he will not be contesting the request of US authorities.

Sam Bankman-Fried to Be Extradited to the United States

After Sam Bankman-Fried was denied bail in the Bahamas last week, it was widely reported he is intending to contest his extradition to the United States. Over the weekend, news came out indicating that the fallen billionaire has reversed the decision and will be at the hearing on the matter on Monday, December 19th.

As SBF was returned to his cell after chaos at the Monday hearing, the status of his extradition was widely debated. However, later that same day, Bankman-Fried’s Bahamas lawyer confirmed his client has agreed to a voluntary extradition to the United States. Furthermore, it was confirmed on Tuesday that FTX’s former CEO has signed the necessary papers for the process.

Due to the abrupt conclusion to the Monday hearing, there was widespread fear that another wouldn’t be scheduled for some time. SBF’s lawyer in the Bahamas expressed his hopes that FTX’s former CEO would be appearing before the court again this week. These hopes appear to have come to fruition as it was reported on Tuesday that another hearing on Sam Bankman-Fried’s extradition to the US would be held this Wednesday.

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FTX’s New Management Locates $1 Billion of Missing Funds

Soon after FTX filed for bankruptcy, a deluge of news and reports on numerous misuses and abuses of customer funds started coming out. John J. Ray III—the exchange’s new CEO and the man who oversaw the bankruptcy of Enron—called the firm the “worst failure of corporate controls” he has ever seen and revealed at a hearing before Congress that the company was using QuickBooks to manage its finances.

One of the major abuses that was reported on fairly early is that FTX heavily comingled users’ assets and lent billions of dollars to its sister-firm Alameda Research. The company was also hacked and drained shortly after filing for bankruptcy, and it was later reported that the new management of the exchange hired forensic investigators to try and find the missing funds.

On Tuesday, December 20th, it was reported that the efforts of John J. Ray’s team might finally be bearing some fruit. Allegedly, the company recently identified $1 billion of assets and located as much as $720 million in cash. Furthermore, another half a billion is held by institutions in the United States.

Do you think Sam Bankman-Fried will be extradited to the US before the end of the year? Let us know in the comments below.