A person familiar with the matter said on Saturday that Sam Bankman Fried, former CEO of FTX, is expected to appear in court in the Bahamas on Monday to change his decision to refuse extradition to the United States. Bankman Fried faces fraud charges in the United States.

The 30-year-old cryptocurrency tycoon was sued in a federal court in Manhattan on Tuesday and accused of participating in a scam to defraud FTX clients, using stolen billions of dollars in deposits to pay fees and debts, and investing in his cryptocurrency hedge fund Alameda Research LLC.

Due to agreeing to extradition, Bankman Fried will appear in court in the United States to face charges of telecommunications fraud, money laundering, and violation of campaign finance laws.

Defense lawyer Zachary Margulis Ohnuma stated that Bankman Fried may be detained at the Metropolitan Detention Center in Brooklyn upon arrival in the United States.

The defense lawyer also mentioned that during the first court hearing in Manhattan, Bankman Fried will be required to defend and the judge will make a decision on his bail. The lawyer added that such a hearing must be held within 48 hours of Bankman Fried's arrival in the United States.

Prosecutors may argue that Bankman Fried is at risk of absconding and should continue to be detained, as the amount of funds involved in the case is huge and the location of these funds is not yet clear.

Bankman Fried acknowledges FTX's risk management mistakes, but he does not believe he is criminally responsible.