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FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022.  Mario Duncanson | AFP | Getty Images FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S., an about-face just days after he was remanded to Bahamian jail pending a hearing, a person familiar with the matter told CNBC. The former crypto billionaire will appear in Bahamian court this Monday to formally waive his extradition rights, paving the way for federal authorities to secure his return to the U.S. Extradition between the Bahamas and the U.S. is codified by a 1991 treaty. In practice, the process takes months, if not years, to complete because the accused have numerous chances to appeal. Bankman-Fried's legal team had initially said that it planned to fight extradition . The change of heart would move up the timeline for Bankman-Fried's federal trial significantly. The 30-year-old MIT gr...

FTX co-founder Sam Bankman-Fried is escorted by corrections officers to the Magistrate's Court on December 21, 2022 in Nassau, Bahamas.  Joe Raedle | Getty Images Sam Bankman-Fried is flying Wednesday night to New York, according to the office of the Attorney General of The Bahamas, where he is later expected to be arraigned in U.S. federal court, concluding a days-long saga. Bankman-Fried, 30, was indicted in New York federal court on Dec. 9 and arrested three days later by Bahamas law enforcement at the request of U.S. prosecutors. His attorney, Jerone Roberts, reading from an affidavit signed Dec. 20, told the court that Bankman-Fried was consenting to extradition in part due to a "desire to make the relevant customers whole." Bankman-Fried was "anxious to leave," Roberts told the court . It is unclear how his return would help plug the $8 billion balance sheet hole that, according to federal complaints, came as a result of risky trading and extravagant spe...

FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022.  Mario Duncanson | AFP | Getty Images FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S., an about-face just days after he was remanded to Bahamian jail pending a hearing, a person familiar with the matter told CNBC. The former crypto billionaire will appear in Bahamian court this Monday to formally waive his extradition rights, paving the way for federal authorities to secure his return to the U.S. Extradition between the Bahamas and the U.S. is codified by a 1991 treaty. In practice, the process takes months, if not years, to complete because the accused have numerous chances to appeal. Bankman-Fried's legal team had initially said that it planned to fight extradition . The change of heart would move up the timeline for Bankman-Fried's federal trial significantly. The 30-year-old MIT gr...