Sam Bankman-Fried is due in a Bahamian court on Monday where he is expected to agree to be extradited to the US to face charges of fraud after being arrested in Nassau last week.
The former billionaire founder of the FTX cryptocurrency exchange had been resisting extradition to New York following his indictment in Manhattan on US federal fraud and money laundering charges. But a person familiar with the matter said he was expected to drop his fight when he appears in court in Nassau on Monday.
Bankman-Fried arrived at the magistrates court in Nassau just after 10am local time, arriving in a black police van from the jail where he was being held. The charges brought against him last week in the Southern District of New York allege he orchestrated “one of the biggest financial frauds in American history.”
He has denied wrongdoing.
After being arrested and denied bail by a Bahamas court, the 30-year-old has been held at Fox Hill Prison in Nassau. The facility has been criticised in international reports for overcrowding and lacking sanitation.
Bankman-Fried also faces civil charges from the US Securities and Exchange Commission and the Commodity Futures Trading Commission, which allege he misled investors and funnelled customer money entrusted to the FTX exchange to his private trading company Alameda Research.
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