Hours after Sam Bankman-Fried's lawyer told a Bahamas judge that he was not ready to be extradited to United States, a Reuters report says that the FTX founder has decided to agree to it to face fraud charges.

This sudden turnaround means that the 30-year-old cryptocurrency mogul is to face charges in New York over accusations that he stole billions from FTX customers to plug losses at Alameda Research, his hedge fund before the exchange abruptly collapsed in November.

Read now |&nbsp;<a href="https://www.wionews.com/business-economy/democrats-to-set-aside-donations-from-ex-ftx-ceo-sam-bankman-fried-543938">Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried</a>

But it was not clear when he would depart&nbsp;the Bahamas, where he was arrested on December 12, per a US extradition request. No further court date was set at the conclusion of Monday's hearing. However, his lawyer Mark Cohen and the US Attorney's Office in Manhattan did not immediately respond to requests for comments.

This abrupt decision seemed surprising after his much-publicised appearance on Monday morning before Magistrate Shaka Serville at a court in the capital Nassau and over the weekend where he had decided to reverse his decision to contest extradition.

Read now |<a href="https://www.wionews.com/business-economy/who-is-sam-bankman-fried-the-former-ftx-ceo-cryptogenius-who-lost-145-billion-in-a-day-533429"> Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know</a>

Bankman-Fried rode a boom in the value of bitcoin and other digital assets to become a billionaire several times over and an influential political donor in the United States until FTX collapsed in early November after a wave of withdrawals. The exchange declared bankruptcy on November 11. Though he has in a way acknowledged risk-management failures at FTX, he, however, had declared that he does not believe he has criminal liability.

At his hearing on Monday, he wore a dark blue jacket and an untucked white shirt, a clear departure from the casual attire he had sported during frequent public appearances in the United States and while running FTX from a ritzy corner of Nassau.

A day after his arrest, on December 13, Bankman-Fried was taken to a Bahamas correctional facility.

Watch | FTX founder Sam Bankman-Fried is 'ready to face music?'

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After Monday's hearing, his criminal defense lawyer in the Bahamas, Roberts, told the New York Times that his client had agreed to be voluntarily extradited and that he hoped Bankman-Fried would be back in court later this week.

Another lawyer, Krystal Rolle, who has represented Bankman-Fried on non-criminal matters in the Bahamas, also confirmed comments that Roberts had made earlier to local broadcaster Eyewitness News Bahamas that Bankman-Fried would voluntarily waive his right to an extradition hearing.

(With inputs from agencies)

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Hours after Sam Bankman-Fried's lawyer told a Bahamas judge that he was not ready to be extradited to United States, a Reuters report says that the FTX founder has decided to agree to it to face fraud charges.

Hours after Sam Bankman-Fried's lawyer told a Bahamas judge that he was not ready to be extradited to United States, a Reuters report says that the FTX founder has decided to agree to it to face fraud charges. This sudden turnaround means that the 30-year-old cryptocurrency mogul is to face charges in New York over accusations that he stole billions from FTX customers to plug losses at Alameda Research, his hedge fund before the exchange abruptly collapsed in November. Read now | Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried But it was not clear when he would depart the Bahamas, where he was arrested on December 12, per a US extradition request. No further court date was set at the conclusion of Monday's hearing. However, his lawyer Mark Cohen and the US Attorney's Office in Manhattan did not immediately respond to requests for comments. This abrupt decision seemed surprising after his much-publicised appearance on Monday morning before Magistrate Shaka Serville at a court in the capital Nassau and over the weekend where he had decided to reverse his decision to contest extradition. Read now | Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know Bankman-Fried rode a boom in the value of bitcoin and other digital assets to become a billionaire several times over and an influential political donor in the United States until FTX collapsed in early November after a wave of withdrawals. The exchange declared bankruptcy on November 11. Though he has in a way acknowledged risk-management failures at FTX, he, however, had declared that he does not believe he has criminal liability. At his hearing on Monday, he wore a dark blue jacket and an untucked white shirt, a clear departure from the casual attire he had sported during frequent public appearances in the United States and while running FTX from a ritzy corner of Nassau. A day after his arrest, on December 13, Bankman-Fried was taken to a Bahamas correctional facility. Watch | FTX founder Sam Bankman-Fried is 'ready to face music?' After Monday's hearing, his criminal defense lawyer in the Bahamas, Roberts, told the New York Times that his client had agreed to be voluntarily extradited and that he hoped Bankman-Fried would be back in court later this week. Another lawyer, Krystal Rolle, who has represented Bankman-Fried on non-criminal matters in the Bahamas, also confirmed comments that Roberts had made earlier to local broadcaster Eyewitness News Bahamas that Bankman-Fried would voluntarily waive his right to an extradition hearing. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In a turnaround, FTX's Bankman-Fried will reportedly agree to US extradition to face fraud charges

The first purchase since this year's record 180 million barrel release from the stockpile, the U.S. Energy Department announced on Friday that it will start purchasing oil for the Strategic Petroleum Reserve (SPR). According to a senior official, the department will purchase up to 3 million barrels for delivery in February.

WION Fineprint | SPR: World's largest emergency oil stockpile | US

The US Energy Department said that it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

World Business Watch: US begins buying back oil for strategic petroleum reserve

Group of former members of the House of Representatives have written an open letter demanding an ethics investigation against members who played a role linked to January 6 attack on the US Capitol signed by 36 former US representatives Democrats and Republicans alike.

US: Jan 6 panel held 1,000 depositions; Committee to recommend criminal charges against Trump

After being charged with eight fraud charges and spending his days at the prison, FTX Chief Executive Officer Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday. As per reports, he can reverse his decision to contest expedition to the US.

FTX founder Sam Bankman-Fried is 'ready to face music?'

The United States Transport Security Administrated has intercepted a record number of firearms brought by passengers to the airport security checkpoints. The agency said that over 88% of firearms were loaded.

US intercepts record number of firearms; TSA says over 88% of firearms were loaded

Former US President Donald Trump's collection of digital trading cards have sold out in less than a day netting 4.5 million dollars in sales. A few days ago Trump came up with this idea of a great Christmas gift as he unveiled his non-fungible token card collection promoting them as best of gifts for your near and dear ones.

US: Donald Trump introduces NFT digital cards ahead of holiday season

The house panel investigating last year's attack on the US capitol is likely to press criminal charges against former President Donald Trump. The reports have said that the Congressional subcommittee will recommend charges of insurrection, obstruction of an official proceeding and also conspiracy to defraud the US government.

US Capitol Riot: Panel to seek charges for Trump, committee has 7 Democrats and 2 Republicans

Senior military officers reported that despite the Pentagon's renewed efforts, there is still no proof that aliens have visited Earth or crashed here. US defence officials said on Friday that the Pentagon's efforts to look into anomalous, unidentified objects, whether they are in space, the sky, or underwater, have generated hundreds of fresh reports that are currently being looked into.

US: Pentagon to investigate all new reports of UFOs

One of the biggest shopping days in the Western World, the Black Fridays in fact failed to stem the fall in retail sales. British retail sales slid unexpectedly in November showing the stress of the cost of living crisis.

WION Dispatch: Black Friday fails to stop fall in retail sales

U.S lawmakers reached a tentative deal this week to fund the government through next September avoiding the prospect of a shutdown when Republicans take control of the U.S House in January. The VOA Congressional correspondent Catherine Gibson has the latest from Washington.

WION-VOA Co-Production: Legislators pass resolution to continue govt funding

The day after the US senate passed a legislation aiming to ban TikTok from government devices. The CIA Director William Burns has spoken out as well as he calls it a genuine concern and says the Chinese regime could very well demand data from the Beijing-based company.

US vs TikTok: CIA Director speaks out on TikTok, William Burns calls concerns 'very real'

Legislators pass resolution to continue govt funding

After spending 10 months in a Russian jail, American Basketball star Brittney Griner returned to the US this week but for the first time she has spoken about her journey and her future endeavours.

Brittney Griner speaks out: 'President Joe Biden, you brought me home'

Public health officials in the United States have been warning for weeks that 'triple-demic' could strain an already very health care system. Hospitalisations from three viruses that is Covid-19, flu and RSV that has been simultaneously rising.

US: People are sick of being sick; 'triple-demic' of flu, RSV and Covid-19

US Capital Punishment's annual review has revealed shocking details. More than a third of the execution attempts were visibly problematic and agonisingly drawn out.

Gravitas: US botched 35% of execution attempts this year

The share price of US Defence companies has soared since the Ukraine war started. Lockheed Martin & Northrop Grumman are the big winners.

Gravitas: American Defence Companies are profiting from Ukraine War

The US Department of State formally launched its "China House" unit on Friday (December 16). The unit represents an internal reorganisation to help and sharpen department's policymaking with respect to China, United States' top geopolitical rival. Secretary of State Antony Blinken had announced formation of such a unit in May this year. At the time, he had called it a department-wide, integrated team that would coordinate and implement US&nbsp;policy across issues and regions.

"The scale and the scope of the challenge posed by the People's Republic of China will test American diplomacy like nothing we've seen before," Blinken said in May.

On Friday, he presided over the official opening of the unit. It is formally called the Office of China Coordination. He noted that creation of the unit will ensure that the United States is able to "responsibly manage" competition with Beijing, according to a department statement.

China experts throughout the department will be brought together in the 'China House' in order to co-ordinate with "every regional bureau and experts in international security, economics, technology, multilateral diplomacy, and strategic communications," the statement quoted Blinken as saying.

It will replace the department's China Desk, but will continue to be overseen by Rick Waters, the deputy assistant secretary of state for China, Taiwan and Mongolia in the Bureau of East Asia and Pacific Affairs, according to an official.

President Joe Biden's administration has laid out a strategy to compete with China focused on investing in US&nbsp;competitiveness and aligning with allies and partners.

Although the US and China have worked to steady the relations between the two countries, ther was a considerable strain between the two nations when US House of Representatives speaker Nancy Pelosi visited Taiwan in August. An angry China had responded by holding last scale military drills.

(With inputs from agencies)

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The US Department of State formally launched its "China House" unit on Friday (December 16). The unit represents an internal reorganisation to help and sharpen department's policymaking with respect to China, United States' top geopolitical rival.

The US Department of State formally launched its "China House" unit on Friday (December 16). The unit represents an internal reorganisation to help and sharpen department's policymaking with respect to China, United States' top geopolitical rival. Secretary of State Antony Blinken had announced formation of such a unit in May this year. At the time, he had called it a department-wide, integrated team that would coordinate and implement US policy across issues and regions. "The scale and the scope of the challenge posed by the People's Republic of China will test American diplomacy like nothing we've seen before," Blinken said in May. On Friday, he presided over the official opening of the unit. It is formally called the Office of China Coordination. He noted that creation of the unit will ensure that the United States is able to "responsibly manage" competition with Beijing, according to a department statement. China experts throughout the department will be brought together in the 'China House' in order to co-ordinate with "every regional bureau and experts in international security, economics, technology, multilateral diplomacy, and strategic communications," the statement quoted Blinken as saying. It will replace the department's China Desk, but will continue to be overseen by Rick Waters, the deputy assistant secretary of state for China, Taiwan and Mongolia in the Bureau of East Asia and Pacific Affairs, according to an official. President Joe Biden's administration has laid out a strategy to compete with China focused on investing in US competitiveness and aligning with allies and partners. Although the US and China have worked to steady the relations between the two countries, ther was a considerable strain between the two nations when US House of Representatives speaker Nancy Pelosi visited Taiwan in August. An angry China had responded by holding last scale military drills. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US launches 'China House' within State Department as it competes with Beijing 

The United States has now launched a 'China House' unit, a new diplomatic approach that is aimed at sharpening its policy towards Beijing. The US state department has launched this long plan unit on Friday and it was formerly called the office of China coordination.

US to improve policymaking towards China; Secretary Blinken brings new approach to deal with China

US Democratic Party is planning on returning a $1.1 million of donations made by imprisoned cryptocurrency tycoon Sam Bankman-Fried. Three different Democrat committees responsible for managing house and senate election campaigns have now set aside these funds to be returned.

US: Democrats to return $1.1 mn donations received from FTX founder Sam Bankman-Fried

After years of law enforcement policy it disproportionately treating crack offenders more punitively. The US Justice Department has finally moved to end the sentencing disparity between crack and powder cocaine offences.

US orders end to cocaine sentencing disparities; justice dept aims to reverse decades old policy

The United States administration put Chinese memory chipmaker YMTC and 21 other major Chinese players in the artificial intelligence chip-manufacturing industry on a trade blacklist.

US President Joe Biden blacklists Chinese top chip maker YMTC and 21 other AI firms

The U.S. has passed a bill to ban TikTok on U.S. government-owned devices. The vote is America's latest action to crack down on Chinese companies amid national security fears. Priyanka Sharma tells you more.

Gravitas: U.S. moves to ban TikTok

US safety authorities are looking into allegations that autonomous robotaxis operated by General Motors' Cruise LLC could abruptly stop or break down&nbsp;altogether, leaving passengers stranded. The National Highway Traffic Safety Administration (NHTSA) claims that three rear-end collisions that allegedly happened after Cruise autonomous vehicles applied heavy braking were what initially sparked the investigation. At the time, human safety drivers operated the robotaxis.

Several reports of Cruise robotaxis without human safety drivers clogging&nbsp;San Francisco traffic, possibly stranding passengers and blocking lanes, have also been filed with the agency.

NHTSA said in an inquiry report that was published on its website on Friday that complaints of immobilised vehicles originated from conversations with Cruise, media stories, and local officials.

Also read |&nbsp;<a href="https://www.wionews.com/technology/googles-rival-tech-firms-join-hands-to-make-comprehensive-mapping-data-543550">Google’s rival tech firms join hands to make comprehensive mapping data</a>

According to the NHTSA crash database, there have been two reports of injuries brought on by the hard braking, one of which left a biker critically injured in March.

NHTSA says it will ascertain&nbsp;how often the problems occur&nbsp;and potential safety issues they cause. The probe, which covers an estimated 242 Cruise autonomous vehicles, could bring a recall. “With these data, NHTSA can respond to safety concerns involving these technologies through further investigation and enforcement,” the agency said in a statement.

The risk to passengers exiting cruise vehicles increases if they leave passengers stranded in dangerous areas like traffic lanes or crossroads. Additionally, they could present a hazard to other drivers, forcing them to take risky actions to prevent collisions.

The investigation comes at a crucial time for Cruise, which in June began charging customers for autonomous rides in San Francisco without human safety drivers. Additionally, the autonomous car sector is at a pivotal point. Google offshoot Waymo, which already operates a robotaxi service in the Phoenix area with plans to expand to San Francisco, is at this point. A number of other businesses are transitioning to services without human safety drivers.

(With inputs from agencies)

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US safety authorities are looking into allegations that autonomous robotaxis operated by General Motors' Cruise LLC could abruptly stop or break down altogether, leaving passengers stranded.

US safety authorities are looking into allegations that autonomous robotaxis operated by General Motors' Cruise LLC could abruptly stop or break down altogether, leaving passengers stranded. The National Highway Traffic Safety Administration (NHTSA) claims that three rear-end collisions that allegedly happened after Cruise autonomous vehicles applied heavy braking were what initially sparked the investigation. At the time, human safety drivers operated the robotaxis. Several reports of Cruise robotaxis without human safety drivers clogging San Francisco traffic, possibly stranding passengers and blocking lanes, have also been filed with the agency. NHTSA said in an inquiry report that was published on its website on Friday that complaints of immobilised vehicles originated from conversations with Cruise, media stories, and local officials. Also read | Google’s rival tech firms join hands to make comprehensive mapping data According to the NHTSA crash database, there have been two reports of injuries brought on by the hard braking, one of which left a biker critically injured in March. NHTSA says it will ascertain how often the problems occur and potential safety issues they cause. The probe, which covers an estimated 242 Cruise autonomous vehicles, could bring a recall. “With these data, NHTSA can respond to safety concerns involving these technologies through further investigation and enforcement,” the agency said in a statement. The risk to passengers exiting cruise vehicles increases if they leave passengers stranded in dangerous areas like traffic lanes or crossroads. Additionally, they could present a hazard to other drivers, forcing them to take risky actions to prevent collisions. The investigation comes at a crucial time for Cruise, which in June began charging customers for autonomous rides in San Francisco without human safety drivers. Additionally, the autonomous car sector is at a pivotal point. Google offshoot Waymo, which already operates a robotaxi service in the Phoenix area with plans to expand to San Francisco, is at this point. A number of other businesses are transitioning to services without human safety drivers. (With inputs from agencies) WATCH WION LIVE HERE:

US launches investigation into Cruise robotaxi braking and obstructing traffic

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