Bahamas hands over Sam Bankman-Fried to U.S.

Officials in the Bahamas are handing over FTX founder Sam Bankman-Fried to U.S. authorities on Wednesday night, the Office of the Attorney General and the Ministry of Legal Affairs for the Bahamas announced.

Local outlet the Bahamas Press released a statement from the attorney general's office confirming the handover.

Bankman-Fried is facing a slew of charges, including campaign finance violations, wire fraud and money laundering, following the high-profile collapse of cryptocurrency market FTX.

On Wednesday, Bankman-Fried agreed to be extradited to the U.S. to face charges.

The Royal Bahamas Police Force arrested Bankman-Fried on Dec. 12 after the U.S. notified local authorities of the charges filed against him.

Bankman-Fried has since been staying at the Fox Hill prison, a notorious facility known for its unsanitary conditions and overcrowding.

After FTX collapsed, a restructuring officer took charge of the company to manage it during a bankruptcy procedure.

The U.S. alleges that Bankman-Fried used customer money to fund his privately held company called Alameda Research. He also faces accusations of donating money to politicians using other people's names.