FTX founder Bankman-Fried’s bail denial could increase chance of extradition

After federal prosecutors in New York unveiled charges against Bankman-Fried in connection with the demise of his once-promising cryptocurrency exchange, FTX, a judge mandated that he be detained at the Bahamas Department of Corrections until at least February 8, citing his "great" danger of escape.

Bankman-attorney Fried's stated that his client was not waiving his right to extradition procedures before bail was rejected. If he contests the removal, there may be hearings and appeals throughout the process that might go up to a year or longer with little chance of success, according to experts.

Fox Hill Prison refers to the facility where Bankman-Fried is being housed. An inquiry for comment was not immediately answered by a lawyer for Bankman-Fried.

Extradition-focused lawyers claim that confinement abroad frequently persuades criminals to agree to return to their native nations.

A U.S. attorney who has defended individuals facing extradition noted, "The extradition procedure can take a year or longer." "Typically, people don't want to spend time in an overseas prison. That frequently plays a significant role in whether someone objects to extradition.

According to a Bahamian correctional official, Bankman-Fried will first be kept in the facility's medical section while staff members decide where to house him. On February 8, Bankman-Fried is due to appear before a different Bahamian magistrate judge.

The United States and Bahamas agreement on extradition mandates that alleged crimes be treated as crimes in both nations. According to attorneys, Bankman-Fried is unlikely to persuade a Bahamian judge that the securities fraud and wire fraud he is accused of are not prohibited in the Bahamas.

Jack Sharman, a white-collar criminal defense lawyer, claimed that in these cases, "Bahamian law largely reflects American law." "I wouldn't anticipate legal disparities to be a significant obstacle to extradition."

A Bahamian judge would have to take into account these issues before releasing Bankman-Fried for extradition. Bankman-Fried may further contend that he would not receive a fair trial in the United States, would face unfair punishment there, or would experience cruel treatment.

That has aided certain defendants in postponing extradition, most notably Julian Assange, the founder of WikiLeaks, who has battled extradition from the UK to the United States for years in order to face charges for allegedly disclosing confidential military intelligence.

However, U.S. prosecutors recently obtained favorable decisions in Assange's extradition procedures by promising to keep him safe in detention. According to Haas, similar agreements could probably be mediated by American and Bahamian authorities.

There is frequently a diplomatic element. Treaties are used to handle all of this, according to Haas.