FTX's Bankman-Fried consents to U.S. extradition in Bahamian court

Sam Bankman-Fried, founder of the now-defunct crypto exchange FTX, on Wednesday told a court in the Bahamas that he consents to extradition to the U.S.

Bankman-Fried faces eight criminal charges and a Securities and Exchange Commission complaint related to the collapse of FTX. If convicted, he could be sentenced up to life in prison.

It is unclear when he will leave the Bahamas for New York, but when he arrives, he will appear in a Manhattan court for a bail hearing.

His attorneys are reportedly negotiating with New York federal prosecutors for a bail arrangement to avoid detention, CNN reported.

Since his arrest for fraud last week in the Bahamas, Bankman-Fried has been held in a prison described by U.S. officials as dirty, overcrowded and lacking medical care.