Sam Bankman-Fried could be bailed and placed under house arrest after he's extradited to the US, reports say

• Sam Bankman-Fried could be bailed and placed under house arrest after extradition to the US.
• Bloomberg and the New York Times report that the ex-FTX CEO's team is discussing a deal with prosecutors.

Sam Bankman-Fried agreed to extradition from the Bahamas because he expects to get bail in the US and be placed under house arrest, according to Bloomberg.

The New York Times also reported that Bankman-Fried is discussing a possible bail deal with federal prosecutors.

Two people familiar with the matter told the Times that the deal could see Bankman-Fried placed under house arrest. One person added that electronically monitoring Bankman-Fried is also an option once he returns to the US.

When he was first arrested in the Bahamas, Bankman-Fried was denied $250,000 bail, despite his lawyers arguing that he should be bailed so he could keep to his vegan diet and have access to a number of medications he is prescribed.

Since then, Bankman-Fried has spent just over a week in the notoriously-harsh Fox Hill prison, which reports say is overcrowded and understaffed.

One official at the prison told The Washington Post that the FTX founder appeared "awfully scared," but seemed like a "nice guy."

Last week, Bankman-Fried had indicated that he wanted the choice to challenge his extradition to the US, but the reports from Bloomberg and the Times suggest he has changed his approach.

On Monday, Bankman-Fried's second hearing in a Bahamian court descended into confusion after his Bahamian lawyer, Jerone Roberts, told the court that he didn't expect Bankman-Fried to be there.

An American lawyer had told the Bahamian prosecutors that Bankman-Fried intended to accept extradition to the US without informing his local attorney, according to the Wall Street Journal.

The FTX founder had to be "awakened" by a court official after closing his eyes, per Reuters. He was also ordered to keep his hands out of his pockets, Bloomberg reported.

Bankman-Fried is facing eight criminal charges in the US, including wire fraud, money laundering, and conspiracy to defraud the US. He stands accused of funneling some customers' funds into his trading firm, Alameda, and using it to fund luxury real estate and political donations. If convicted of all charges, Bankman-Fried faces a maximum sentence of 115 years in prison, though any actual sentence will likely be much shorter.

Bankman-Fried's attorney, Mark Cohen, did not immediately respond to Insider's request for comment, sent outside US working hours.