Sam Bankman-Fried agrees to extradition to US for charges.

Sam Bankman-Fried, the former CEO of cryptocurrency firm FTX, has agreed to be extradited to the United States to face federal charges of fraud and conspiracy.

The decision came after Bankman-Fried signed an affidavit consenting to extradition without formal proceedings in a Bahamian court on Wednesday.

He confirmed his signature and that his decision was voluntary in court, after which Magistrate Shaka Serville committed him to custody while he awaits extradition.

Bankman-Fried was arrested in the Bahamas last week, where he had been living in a multimillion-dollar mansion. He initially declined to waive his right to challenge extradition, but had reportedly reversed his position by Monday, setting up his move to custody in the U.S.

However, at the court hearing on Monday, Bankman-Fried did not waive his right to deny extradition as expected, instead asking to see a copy of the U.S. indictment and speak to his New York-based attorney.

The former CEO is being held in the medical ward of Fox Hill prison on the island, after his bail application was denied due to concerns he was a flight risk.

In addition to the criminal charges, Bankman-Fried is facing related civil lawsuits from the Securities and Exchange Commission and the Commodity Futures Trading Commission.

It is estimated that there are over $8 billion in customer losses resulting from the alleged fraud and conspiracy. Many crypto traders who deposited their savings on FTX’s platform fear they may never see their money again.

The new CEO of FTX, John Ray, who oversaw the dissolution of Enron, told members of the House last week that the company lacked corporate controls to an extent he had never witnessed, and described its conduct as “old-fashioned embezzlement.”

He said he had “never seen an utter lack of record keeping” and “absolutely no internal controls.” Bankman-Fried, in an interview with ABC News’ George Stephanopoulos in November, denied knowing “there was any improper use of customer funds.”

He expressed remorse for not taking more responsibility for understanding the details of what was happening at FTX, stating “a lot of people got hurt, and that’s on me.”

The events leading up to Bankman-Fried’s arrest and agreement to extradition have been tumultuous. After initially declining to waive his right to challenge extradition, he appeared to reverse his position and agree to be extradited by Monday.

However, at the court hearing on Monday, he did not waive his right to deny extradition as expected, instead asking to see a copy of the U.S. indictment and speak to his New York-based attorney.

It was not until Wednesday that he finally signed the affidavit consenting to extradition without formal proceedings.

The decision to agree to extradition brings an end to the legal proceedings in the Bahamas and clears the way for Bankman-Fried to be transported to the U.S. to face the charges against him.

It remains to be seen how the case will progress in the U.S., but the criminal charges and related civil lawsuits from the Securities and Exchange Commission and the Commodity Futures Trading Commission are likely to be significant challenges for Bankman-Fried.

The estimated $8 billion in customer losses resulting from the alleged fraud and conspiracy will also be a significant concern for those affected, many of whom fear they may never see their money again.