Adedeji Owonibi, mentioned that lack of regulation in Nigeria’s crypto space permits various practices to go unmonitored.
The former CEO of FTX Sam Bankman-Fried is allegedly aiming to reverse his decision to context his extradition to the United States.
According to a report by Reuters, Bankman-Fried is expected to appear in court in the Bahamas to reverse the decision to contest extradition:
“His decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.”
This comes after Bankman-Fried was denied bail earlier in the week, with the court decision based on a “risk of flight. Former federal prosecutor and defence attorney Michael Weinstein commented:
According to his lawyers, his second bail application owes to the fact that Bankman-Fried does not currently have a criminal record and has been suffering from depression since the crash of crypto exchange FTX. Upon arrival from the Bahamas to the United States, Bankman-Fried is likely going to be held in Brooklyn at the Metropolitan Detention Centre, according to Reuters. If the centre is full, he might be kept in custody in a jail outside of New York City. Currently, Bankman-Fried is being held in Fox Hill Prison in the Bahamas. It is the only prison in the Bahamas, and there are reports from the US State Department that the conditions are brutal and unhygienic.
Should he wish to contest the extradition, Bankman-Fried would appear in a United States court to face the charges of fraud, conspiracy of fraud, anti-money laundering and exploiting the financial laws in the US. If the accused is convicted, he could get up to 115 years in jail owing to federal crime. Mark Cohen, formerly a federal prosecutor, is acting as Bankman-Fried’s defense attorney.