Sam Bankman-Fried will not resist against extradition to US from Bahamas

Sam Bankman-Fried, founder of crypto exchange FTX, who was arrested in the Bahamas, will reverse his decision on contesting extradition to the United States. It has been learned that Bankman-Fried will not oppose extradition from the Bahamas to the United States to face a series of charges in the United States.

The Sam Bankman-Fried was arrested at the request of the American authorities. Having been captured on Monday, Fried has been detained in the Bahamas ever since. US prosecutors are seeking his extradition, accusing him of a number of crimes, including fraud.

Sources with knowledge of the matter told Bloomberg that Bankman-Fried would not resist to the extradition. Bankman-Fried is expected to announce his extradition request in court next week. 

According to the indictment, US prosecutors accused Bankman-Fried of defrauding his own cryptocurrency investment fund Alameda Research LLC by using deposits of FTX clients to cover debt, investments and expenses.

Prosecutors also accused Bankman-Fried of defrauding Alameda customers by providing false and misleading information about the status of the fund, and concealing the fraudulent money. Prosecutors said Bankman-Fried had "donated tens of millions of dollars to political campaigns" with the money he stole.

Damian Williams, a New York state prosecutor, said the investigation was "ongoing" and "moving fast", while describing the collapse of FTX as one of the "largest financial fraud cases in American history."