Exclusive-Sam Bankman-Fried to reverse decision on contesting extradition

By Jasper Ward The 30-year-old cryptocurrency mogul was indicted in federal court in Manhattan on Tuesday and accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. The attorney added that such a hearing must take place within 48 hours of Bankman-Fried's arrival in the United States, though it would likely be sooner. 'I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions.' Bankman-Fried has acknowledged risk management failings at FTX but has said he does not believe he has criminal liability. Authorities there say conditions have since improved. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. He has described the office's investigation as ongoing, and urged people with knowledge of wrongdoing at FTX or Alameda to cooperate.