Sam Bankman-Fried To Be Extradited To US On Wednesday

Sam Bankman-Fried, the former CEO of FTX, will reportedly be flown to the United States on Wednesday.

The paperwork for the extradition of the disgraced cryptocurrency entrepreneur has been filed with the court, and he will be flown to the U.S. on Wednesday, said Doan Cleare, acting Commissioner of Corrections, Bahamas Department of Correctional Services, reported NBC News.

Bankman-Fried was earlier expected to be extradited on Tuesday. 

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Why It Matters: Lawyers for Sam Bankman-Fried are in talks with the federal prosecutors to secure bail for the FTX founder, reported The New York Times, citing people familiar with the matter. 

Terms of the deal haven’t been finalized but discussions have included restrictive conditions including home detention and electronic monitoring, according to the report.

Last week, bail was denied as he was deemed a flight risk. 

The FTX FTT/USD founder was arrested on Dec. 12 from his residence in the Bahamas.

FTX's bankruptcy, preceded by a liquidity crisis, led to a crash in the prices of major cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD last month.

Prosecutors have charged him with eight fraud and conspiracy charges. Since FTX declared bankruptcy last month, Bankman-Fried has denied intentionally defrauding investors in a string of media interviews.

If convicted of just one of the eight charges — Bankman-Fried faces life in federal prison.

Read Next: Elon Musk Says Sam Bankman-Fried Should Go To Prison: 'Let's Give Him An Adult Timeout In The Big House'

Photo: Courtesy of Bybit on Flickr.