Sam Bankman-Fred, founder of FTX, returns to the Bahamas after apparent court confusion over his extradition

Former FTX CEO and founder Sam Bankman-Fred appeared in court on Monday and was returned to the Bahamas without a final decision on his extradition.

There seems to be Confusion at the hearing as the 30-year-old was expected to waive his rights to extradition, according to a source familiar with the situation, but Bankman-Fried’s attorney said Monday he was “shocked” Bankman-Fried was in court.

His lawyer added, “I did not ask him to be here this morning.”

A defense attorney for Bankman-Fried told the justice of the peace that his client wanted to see the indictment against him before agreeing to extradite him to the United States, Reuters mentioned.

The 30-year-old looked unkempt in court, although he was wearing a blue suit, white shirt and dress shoes. He often kept his head in his hands and his knees quivered in the packed courtroom, packed with members of the media and crypto community.

If Bankman-Fried waived his rights to extradition, it would of course be a stunning reversal since his lawyers initially said they would fight over extradition after December 12th. Internment in the Bahamas.

Since then, Bankman-Fried, once the most prominent name in cryptocurrency, has seen its empire fall into disgrace over the past few weeks.

Last week, it was He was charged in New York federal court on eight counts Includes wire fraud, conspiracy to commit wire fraud, and campaign finance violations. Prosecutors alleged that he “orchestrated years of defrauding” investors and clients.

The US Securities and Exchange Commission also accused him of defrauding investors and enriching his Alameda hedge fund.

At a congressional hearing on FTX’s downfall and stumbles last week, the company’s new CEO, John J. Ray III, FTX Command under Bankman-Fried.

“The collapse of the FTX Group appears to stem from the absolute concentration of control in the hands of a small group of inexperienced and notably inexperienced individuals who failed to implement any of the systems or controls necessary for a company entrusted with other people’s money or assets,” Wray told lawmakers.

Adam Reese Contributed.