FTX founder Sam Bankman-Fried to drop fight against US extradition

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.