(Bloomberg) -- Sam Bankman-Fried plans to drop his fight against extradition to the US to face a range of criminal charges, according to people familiar with the matter.
The disgraced co-founder of crypto exchange FTX has been locked up in the Bahamas since last Monday when he was arrested at the request of American authorities. US prosecutors have accused him of a range of crimes including wire fraud.
Bankman-Fried is expected to disclose that he won't fight extradition in a court appearance next week, said the people who asked not to be named due to the sensitivity of the matter. Before his arrest, in numerous interviews following FTX's implosion last month, the 30-year-old denied knowingly committing fraud or breaking the law.
At his first court appearance, Bankman-Fried's lawyers said he would fight being sent back to the US. If convicted of all the charges against him, Bankman-Fried could face decades behind bars.
A representative for Bankman-Fried declined to comment. The reversal in plans to fight extradition was first reported by Reuters.
After being denied bail at a court appearance on Tuesday, Bankman-Fried was sent to a notorious correctional facility on the outskirts of Nassau known as Fox Hill.
It wasn't immediately clear what had caused Bankman-Fried to shift his stance.
Authorities in both the Bahamas and the US are continuing to probe Bankman-Fried's involvement in FTX's collapse last month. The firm was headquartered in the Bahamas.
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