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Sam Bankman-Fried’s extradition trial is chaotic, and the creator of FTX is returned to custody in the Bahamas

The extradition trial of FTX co-founder Sam Bankman-Fried was, to put it mildly, a shambles. The trial may potentially go longer than expected after hitting a significant roadblock on the first day itself.

Sam Bankman-Fried, founder of FTX, has already said that he would oppose extradition to the United States. Nonetheless, he shocked everyone by announcing before the Bahama court that he wouldn’t be contesting extradition. His attorney then interjects, suggesting that SBF may have been pressured into signing.
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Bankman-Fried told the Bahamian court hearing his extradition case that he was willing to give up his right to contest extradition to the US, where he faces allegations including wire fraud. At the same session, however, his local attorney, Jerone Roberts, stepped in and stated he was unaware of the plan and wanted time to talk with his client to see whether he was being pressured.

The Nassau courtroom was thrown for a loop after this. The case was postponed and Bankman-Fried was subsequently remanded to jail.

Following Bankman-Fried’s arrest by Bahamian police last week at the behest of US authorities, this next development appears to have sprung straight from a heist film.

Bankman-Fried said last week that he would resist extradition, but he has since suggested in chats that he is planning to return to the US because he can obtain bail there. Bail was refused him in the Bahamas, so he’s being detained at Fox Hill, a notorious prison on the outskirts of Nassau.

Due of the chaos on Monday, the judge decided to call a recess and dismiss the audience. Bankman-Fried and his local attorney Roberts seemed to have a conference call in the courtroom after everyone had left. The next court date is scheduled on February 8; however, a hearing might be scheduled at any time.

The 30-year-old man was interviewed many times after FTX collapsed last month, prior to his arrest, and he always denied any knowledge of fraud or illegal activity.

Three years of rapid expansion ended last month when FTX and dozens of affiliated firms filed for bankruptcy. The top market value of the exchange was $32 billion.

The collapse of FTX last month has prompted investigations into Bankman-Fried’s possible role in the event by authorities in both the Bahamas and the United States. The company’s primary offices were situated in the Bahamas.