Sam Bankman-Fried Could soon find themselves in a U.S. jail to face fraud charges. The former CEO of FTX—the cryptocurrency exchange that went abruptly bankrupt last month—is currently being held in a jail in the Bahamas.

Bahamian authorities released him after a U.S. official notification that the government had filed criminal charges against them and was likely to ask for his extradition. Both the United States and Bahamas had an agreement. extradition process In force since 1994 when both countries signed a treaty.

A Bahamian judge refused him bail on Tuesday because he considered him to be a flight threat. During his arraignment, Bankman-Fried’s lawyer said he would fight Plans to Send him to The U.S. was notified and an extradition hearing scheduled for February 8th.

Now! Bankman-Fried Is expected to You must appear before a Bahamian court Monday to reverse His decision to contest extradition, Reuters reported.

New York federal prosecutors have brought charges against Bankman-Fried with eight criminal counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars in customers’ funds. He faces up to If you are convicted of each eight count, your sentence is 115 years.

‘Open and shut case for fraud’

Last month, billionaire Mark Cuban said he’d “be afraid of going to jail for a long time” If he could, Bankman-Fried.

Brain Armstrong, the CEO of Coinbase in America, stated earlier this month that it had been “baffling” Why? Bankman-Fried wasn’t already in prison.

“The DOJ or somebody should be able to make—just based on his public statements, I think there’s a very open and shut case for fraud,” Armstrong stated this at the a16z cryptocurrency Founder Summit.

FTX’s implosion last month surprised many inside and outside of the crypto sector. The exchange, which is worth $32 billion, had been a leading player in this field. It had enlisted stars like Tom Brady and many other celebrities. to Its image will be enhanced. 

Bankman-Fried On November 11, FTX declared bankruptcy and he resigned his position as CEO. One of the main accusations against him was that he had used crypto-exchange customer funds to pay his employees. to Alameda Research, which he misleadingly calls crypto hedge fund Alameda Research can help you make risky investment decisions.

FTX’s headquarters are in Bahamas. Bankman-Fried According to some reports, she lived in luxury penthouses. 

He’s now being held at Fox Hill prison in the Bahamas, according to Reuters describes a prison as “harsh” Last year by the U.S. State Department, there was overcrowding in the area and rodent infestation.

New weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of today’s executives. Sign up here