Sam Bankman-Fried's extradition hearing set for Wednesday

The founder and former CEO of FTX will have a hearing Wednesday in a Bahamian court on his possible extradition U.S. 

Sam Bankman-Fried faces criminal charges related to the collapse of the cryptocurrency exchange, a source familiar with the matter told The Associated Press.

The source spoke on condition of anonymity because they were not authorized to speak on the record. 

Bankman-Fried's lawyers said that their client had agreed to be extradited to the U.S., but the necessary paperwork had not yet been written up.

FTX: WHAT SAM BANKMAN-FRIED'S ATTORNEYS WILL LIKELY ARGUE IN HIS DEFENSE

Earlier reports said his defense lawyer told the court that his client was holding off on agreeing to extradition until he had seen the indictment facing him in the U.S.

It was not immediately clear when Bankman-Fried’s extradition could occur once it is approved by the Bahamian court.

In total, Bankman-Fried faces charges of conspiracy to commit wire fraud on customers; committing wire fraud on customers; conspiracy to commit wire fraud on lenders; committing wire fraud on lenders; conspiracy to commit commodities fraud; conspiracy to commit securities fraud; conspiracy to commit money laundering, and conspiracy to defraud the U.S. and violate campaign finance laws.

FTX'S BANKMAN-FRIED APPEARS TO FALL ASLEEP DURING COURT HEARING

Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. 

The 30-year-old could potentially spend the rest of his life in jail.

Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. 

CLICK HERE TO READ MORE ON FOX BUSINESS

Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.

FOX Business' Anders Hagstrom and the Associated Press contributed to this report.