(CNN) — Sam Bankman-Fried has reportedly signed documents in the Bahamas that pave the way for his extradition to the United States on Wednesday.
According to Reuters and CNBC, the Bahamas Acting Commissioner of Corrections Doan Cleare said the documents were signed Tuesday afternoon. Bankman-Fried, the founder the recently-imploded crypto exchange FTX, was expected to fly to the United States after appearing in a Nassau court hearing at 11 Wednesday morning.
Federal prosecutors last week charged 30-year-old Bankman-Fried with defrauding investors and customers of FTX, which he founded in 2019. If convicted on all eight charges of fraud and conspiracy, he could face life in prison.
He was was arrested just over a week ago in the Bahamas, where FTX was based.
FTX and its sister trading house, Alameda, both filed for bankruptcy last month after investors rushed to pull their deposits from the exchange, sparking a liquidity crisis.
In the weeks since their bankruptcy, FTX’s new CEO has stated publicly that customer funds deposited on the FTX site were commingled with funds at Alameda, which made a number of speculative, high-risk bets. The CEO, John Ray III, described the situation at the two companies as “old-fashioned embezzlement” at the hands of a small group of “grossly inexperienced and unsophisticated individuals.”
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