Cryptocurrency tycoon Sam Bankman-Fried consents to extradition to US from The Bahamas
Sam Bankman-Fried has consented to be extradited to the US from The Bahamas.
The FTX cryptocurrency exchange founder’s lawyer read an affidavit to a court in Nassau on Wednesday, confirming his client was willing to be flown to New York.
As a result, the 30-year-old tycoon could be flown out as early as Wednesday afternoon local time to face an array of fraud charges.
Bankman-Fried decided to agree to extradition in part out of a “desire to make the relevant customers whole,” according to the affidavit, which is dated 20 December.
Dressed in a suit, Bankman-Fried took to the witness box and told the judge: “Yes, I do wish to waive my right to such formal extradition proceedings.”
His lawyer told the judge that his client was “anxious to leave”.
The hearing was adjourned after the statements.
Bankman-Fried appeared in court in Nassau on Wednesday and did not contest his extradition
Officials with the FBI and the United States Marshals Service – which handles transportation of individuals in US custody – have already arrived in the Bahamian capital according to a person familiar with the matter.
It is currently unclear when Bankman-Fried will depart The Bahamas for New York.
Federal prosecutors in Manhattan last week charged the cryptocurrency mogul with stealing billions of dollars in FTX customer assets to plug losses at his hedge fund, Alameda Research, in what US Attorney Damian Williams called “one of the biggest financial frauds in American history”.
Bankman-Fried was arrested on a US extradition request last week in The Bahamas, where he lives and FTX is based.
He initially said he would contest extradition, but it was reported over the weekend that he would reverse that decision.
Bankman-Fried has acknowledged risk-management failures at FTX but said he does not believe he has criminal liability.
His personal wealth is thought to have swelled to $20bn (£16.2bn) at the exchange’s peak, but has since reportedly shrunk to $100,000 (£83,000).
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How FTX founder Sam Bankman-Fried went from£21bn empire to being charged with fraud
Wednesday’s hearing followed a confusing sequence of events this week that left the status of Bankman-Fried’s expected extradition unclear.
On Monday, following the news reports he had agreed to be extradited, Bankman-Fried arrived at the courthouse in a black van marked “Corrections” wearing a blue suit jacket and white shirt.
At the hearing, his local defence lawyer, Jerone Roberts, said he was not informed of the purpose of the proceedings.
After a brief recess, Mr Roberts said his client had seen an affidavit outlining the charges against him but wanted access to the full indictment before consenting to extradition.
The proceedings were then adjourned. They had been expected to resume on Tuesday morning, but Bankman-Fried’s legal papers were not filed in time.
Bankman-Fried rode a crypto boom to become a billionaire several times over and an influential US political donor, before FTX’s crash wiped out his wealth and tarnished his reputation.
The collapse was driven by a wave of customer withdrawals amid concerns over co-mingling of funds with Alameda.
The cryptoexchange declared bankruptcy on 11 November with Bankman-Fried stepping down as CEO the same day.
It’s 5.30am, but the car park outside a laundrette in south central Los Angeles is already bustling.
A woman is setting up a stand selling tacos on the pavement and the sun is beginning to rise behind the palm trees.
A group of seven women and two men are gathered in a circle, most wearing khaki green t-shirts.
The leader, a man named Francisco “Chavo” Romero, begins by asking how everyone is feeling. “Angry,” a few of them respond. “Proud of the community for pushing back,” says another.
Ron, a high school history teacher, issues a rallying cry. “This is like Vietnam,” he says. “We’re taking losses, but in the end we’re going to win. It’s a war.”
Francisco ‘Chavo’ Romero leads a volunteer group, attempting to warn people ahead of ICE raids
This is what the resistance against Donald Trump’s immigration policy looks like here. In the past month, immigration and customs enforcement agents – known as ICE – have intensified their raids on homes and workplaces across Los Angeles.
Since the beginning of June, nearly 2,800 undocumented immigrants have been arrested in the city, according to the Department of Homeland Security. The previous monthly high was just over 850 arrests in May this year.
Police use tear gas against protesters, angry at a recent immigration raid at a farm in Camarillo, California. Pic: AP
Videos have circulated online of people being tackled to the ground in the car park of DIY shops, in car washes and outside homes. The videos have prompted outrage, protests and a fightback.
“Chavo” and Ron belong to a group of organised volunteers called Union del Barrio. Every morning, a group of them meet, mostly in areas which have high immigrant populations.
The day I meet them, they’re in an area of LA which is heavily Latino. Armed with walkie talkies to communicate with each other, megaphones to warn the community and leaflets to raise awareness they set out in cars in different directions.
A volunteer from Union del Barrio shows Sky’s Martha Kelner how they try to stay one step ahead of ICE agents
They’re looking for cars used by ICE agents to monitor “targets”.
“That vehicle looks a little suspicious,” says Ron, pointing out a white SUV with blacked-out windows, “but there’s nobody in it”.
An elderly Latino man is standing on a street corner, cutting fruit to sell at his stall. “He’s the exact target that they’re looking for,” Ron says. “That’s what they’re doing now. The low-hanging fruit, the easy victim. And so that is proving to be more successful for their quotas.”
This man, selling fruit on a street corner in LA, is a potential target of immigration agents
In the end, it turns out to be a quiet morning in this part of LA, no brewing immigration operations. But elsewhere in the city, dawn raids are happening.
ICE agents are under pressure from the White House to boost their deportation numbers in line with Donald Trump’s campaign promise to crack down on illegal immigration.
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In June, tear gas and rubber bullets were fired at protestors demonstrating against immigration raids
Maria’s husband Javier was one of those arrested in LA. He came to the United States from Mexico when he was 19 and is now 58.
The couple have three grown-up children and two grandchildren. But Javier’s work permit expired two years ago, according to Maria and so he was living here illegally.
Maria’s husband Javier was arrested after his work permit expired
She shows me a video taken last month when Javier was at work at a car wash in Pomona, an area of LA. He is being handcuffed and arrested by armed and masked ICE agents, forced into a car. He is now being held at a detention centre two hours away.
“I know they’re doing their job,” she says, “but it’s like, ‘you don’t have to do it like that.’ Getting them and, you know, forcing people and pushing them down on the ground. They’re not animals.”
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US troops accused of ‘political stunt’ after park raid
Maria wipes away tears as she explains the impact of his absence for the past four weeks. “It’s been so hard without him,” she says. “You feel alone when you get used to somebody and he’s not there any more. We’ve never been apart for as long as this.”
The family have a lawyer and is appealing for him to remain in the US, but Maria fears he will be sent back to Mexico or even a third country.
Maria fears her husband, who has lived in the US for nearly 40 years, will be sent back to Mexico
“I don’t know what to say to my grandkids because the oldest one, who is five was very attached to his papas, as he calls him. And he’s asking me, ‘When is papa coming home?’ and I don’t know what to say. He’s not a criminal.”
The fear in immigrant communities can be measured by the empty restaurant booths and streets that are far quieter than usual.
People in LA are being asked to report sightings of ICE officials so others can be warned
I meet Soledad at the Mexican restaurant she owns in Hollywood. When I arrive, she’s watching the local news on the TV as yet another raid unfolds at a nearby farm.
She’s shaking her head as ICE agents face off with protesters and military helicopters hover overhead. “I am scared. I am very scared,” she says.
All of her eight employees are undocumented, and four of them are too scared to come into work, she says, in case they get arrested. The process to get papers, she says, is too long and too expensive.
Read more from Sky News:
Farmer first to die during ICE raids
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Soledad, who owns a Mexican restaurant, plans to hide her illegal workers if immigration officials arrive
“They call me and tell me they are too afraid to come in because immigration is around,” she says.
“I have to work double shifts to be able to make up for their hours, and yes, I am very desperate, and sometimes I cry… We have no sales, and no money to pay their wages.”
There is just one woman eating fajitas at a booth, where there would usually be a lunchtime rush. People are chilled by the raids.
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Soledad says she plans to hide her illegal workers if immigration officials arrive.
“I’ve told them, get inside the fridge, hide behind the stove, climb up where we have a space to store boxes, do not run because they will hunt you down.”
The White House says they’re protecting the country from criminals. ICE agents have been shot at while carrying out operations, their work becoming more dangerous by the day.
The tension here is ratcheting up. Deportation numbers are rising too. But the order from Donald Trump is to arrest even more people living here illegally.
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