FTX founder agrees to extradition

NEW YORK – Sam Bankman-Fried told a Bahamian court Wednesday that he has agreed to be extradited to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX.The former FTX CEO appeared at a magistrate's court and is expected to return to the United States, according to Bahamian news organization Our News.Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government.

U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors.The U.S. Securities and Exchange Commission said Bankman-Fried illegally used investors' money to buy real estate on behalf of himself and his family.

The 30-year-old could potentially spend the rest of his life in prison.Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, who was once worth tens of billions of dollars on paper, was being held in the Bahamas' Fox Hill prison.Once Bankman-Fried is back in the U.S., his attorney will be able to request that he be released on bail. Copyright 2022 The Associated Press.

All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.