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Sam Bankman-Fried, the former CEO of FTX, has reportedly reconsidered his earlier decision to challenge extradition and is expected to appear in a Bahamas court on December 19 to withdraw, Reuters reported on December 17. citing a person familiar with the case. .

By agreeing to extradition, Bankman-Fried will be able to appear in a United States court. He was charged with conspiracy to defraud customers and creditors, securities fraud, commodity fraud, money laundering and defrauding the United States and violating campaign finance laws.

The move follows Bankman-Fried’s bail denial on Dec. 13 due to a “flight risk.” The former CEO’s lawyers argued that SBF had no criminal record and suffered from depression and insomnia. A second bail application was reportedly filed with the Supreme Court of the Bahamas on December 15.

If convicted, Bankman-Fried could face up to 115 years in prison. However, there is “a lot to play for” in the case until he receives a final sentence in the next few months or even years, legal commentators told Cointelegraph.

Related to: Former employee of FTX. lavish spending and like a SBF cult

Former federal prosecutor Mark Cohen was hired by the former FTX CEO as his defense attorney. As reported by Cointelegraph, Cohen is the co-founder of the law firm Cohen & Gresser and was a member of the defense team in the high-profile child trafficking case of Ghislaine Maxwell.

Bankman-Fried is being held at Fox Hill Prison, the only prison in the Bahamas. According to a US State Department report released in 2021, conditions at Fox Hill were “harsh” and overcrowded, with poor sanitation and nutrition. Detainees were alleged to have been physically abused by corrections officers.

Caroline Ellison, former CEO of FTX’s sister company, Alameda Research, has also formed a defense team. Stephanie Avakian, the former chief crypto regulator of the US Securities and Exchange Commission (SEC), will represent Ellison in the ongoing federal investigation. Avakain is currently the Chairman of Securities and Financial Services at the law firm WilmerHale. In his role at the SEC, he expanded cryptocurrency oversight in the Division of Enforcement.