The founder of the insolvent crypto exchange FTX is to be extradited to the USA.

Sam Bankman-Fried will be brought from the Bahamas to the United States, the Caribbean state's Attorney General said on Wednesday (local time).

The 30-year-old waived his right to contest the extradition.

Bankman-Fried was arrested on December 12 at the request of US authorities in the Bahamas.

In the United States, he faces a long prison sentence.

The US Securities and Exchange Commission has accused the financial manager of fraud.

The agency accuses Bankman-Fried of misleading investors with false promises and embezzling their funds.

It's about more than 1.8 billion US dollars (more than 1.7 billion euros).

Bankman-Fried's FTX group had collapsed due to huge withdrawals of funds related to liquidity concerns.

Billions in customer funds could not be paid out.

Bankman-Fried, who is only called SBF in the crypto industry, was considered a crypto prodigy and just a few months ago adorned the front pages of US business publications such as "Fortune".