The saga of scam artist Sam Bankman-Fried and the collapse of FTX started a new chapter today. As you may recall, SBF originally said that he would come back to the United States to “clear the air” in terms of what happened with the billions of dollars that mysteriously vanished while in his care. Then he had a second thought, saying that he would oppose efforts to extradite him and bring him back to America to face charges. But he then apparently had a third thought because today he is back in the country preparing to face a judge in New York. He is not expected to be offered bail here either.

Accused crypto grifter Sam Bankman-Fried is one step closer to an American courtroom Tuesday, after he signed legal paperwork to begin the extradition process.

The 30-year-old former CEO of FTX — indicted on charges of defrauding investors in the crypto exchange of $1.8 billion — signed the paperwork around noon, according to Doan Cleare, The Bahamas’ acting commissioner of Corrections.

Bankman-Fried is due back in court Wednesday morning for a hearing expected to start the process of returning him to the US.

The New York Times has confirmed that SBF could be in New York as soon as this afternoon. He is reportedly being accompanied by FBI agents every step of the way. The reason for that is the same as the one cited by a judge in the Bahamas when denying his request to be let free on bail. He’s an obvious flight risk and has already demonstrated his willingness to disappear when it’s convenient to do so. They will probably keep him in leg irons until he’s safely behind bars.

SBF’s decision to sign papers agreeing to his extradition was reportedly made “against the strongest possible legal advice” from his attorney. But the reason for these changes in his plans appears to be coming somewhat clear. He originally believed that his lawyer could make a strong enough argument to get him released on bail in the Bahamas. Perhaps he thought that would give him an opportunity to flee the country.

But the judge didn’t see it that way and instead kept him locked up in Fox Hill prison, a place notorious for being infested with rats and maggots. Rikers Island probably isn’t much better, but at least it’s in his home country, so he may be thinking of it as an upgrade. And that’s almost surely where he will end up since his case will be heard in the Southern District of New York.

None of this answers the primary question of what happened to all the money and what will become of the remaining funds now. It’s being reported that the FTX receiver is attempting to “claw back” many of the donations that he gave to Democrats and various charities. Some Democrats, particularly in Texas have been returning or simply giving away money they received from FTX. That includes one million dollars that was returned by Beto O’Rourke and another roughly $7,000 that’s being given to a charity by congressman-elect Greg Casar. Others are still hanging onto the cash.

It’s obviously going to be a while before this is all sorted out. But when the story finally reaches its conclusion, the FTX implosion will likely go down as the biggest heist in American history. Vladimir Putin has probably absconded with more money than SBF, but it took him decades to do it. This kid managed it in only a little more than a year. You almost have to be impressed by the sheer audacity.