Sam Bankman-Fried to appear in court Monday to drop extradition fight

Former FTX CEO Sam Bankman-Fried is expected to appear in a Bahamas court on Monday to reverse his decision to contest extradition to the US, a person familiar with the matter told CNN.

Bankman-Fried is expected to agree to extradition to the US, the person said. Reuters first reported thank Bankman-Fried would withdraw his extradition fight Monday.

It remains unclear what time Bankman-Fried will appear in court. If he waives his extradition, he would likely return to the United States quickly. Once in the states, he will appear before a US judge for an arraignment and bail hearing.

CNN has reached out to Bankman-Fried’s lawyers, and the Bahamas Attorney General.

Last Tuesday, federal prosecutors from the Southern District of New York charged Bankman-Fried with eight counts of fraud and conspiracy. Bankman-Fried could face up to 115 years in prison if convicted on all eight counts against him, though he likely wouldn’t get the maximum sentence.