Sam Bankman-Fried will be extradited to the United States on Wednesday

Sam Bankman-Fried, the former CEO of FTX, is scheduled to fly to the United States on Wednesday.

The disgraced cryptocurrency entrepreneur's extradition papers have been filed with the court, and he will be flown to the United States on Wednesday, Doan Cleare said, Acting Commissioner of Corrections, Bahamas Department of Corrections, NBC News reported.

Bankman-Fried was to be extradited on Tuesday.

See also:Where to buy cryptocurrency

Why it matters: Once back in the United States, Bankman-Fried can apply for bail, according to NBC News. Last week, bail was denied as he was considered a flight risk.

The founder of FTX FTT/USD was arrested on December 12 from his residence in the Bahamas.

FTX's bankruptcy, preceded by a liquidity crisis, caused the prices of major cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD to plummet last month.< /p>

Prosecutors charged him with eight counts of fraud and conspiracy. Since FTX declared bankruptcy last month, Bankman-Fried has denied intentionally defrauding investors in a series of media interviews.

If convicted on just one of eight counts, Bankman-Fried faces life in prison.

Read more:Elon Musk says Sam Bankman-Fried should go to jail : 'Let's give him a grown-up break in the big house'

Photo: Courtesy of Bybit on Flickr.

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