SBF To Appear In Court Today: Here’s What To Expect

Shourya Jha
December 19, 2022
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Sam Bankman-Fried Appeals Fraud Conviction, Argues Judge Was Biased

It is still unclear if the former CEO and co-founder of FTX, SBF will fight for his extradition or decide to continue the legal proceedings in the Bahamas. However, reports say that he will agree to be extradited.

Bankman-Fried will be likely appearing in court today, to reverse his decision of not getting extradited to the U.S. Last Tuesday, his request for bail was denied by a Bahamian judge on the grounds of him ‘posing a flight risk’.

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What happens next?

If SBF agrees to his extradition, he will be transferred to the U.S. in what may take a few weeks. He will then be appearing in the U.S. court and judge. His bail hearings will further be decided by them.

SBF is currently being trialled in the Bahamas, where FTX was based.

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SBF’s fault

The former CEO of FTX, SBF is facing a total of 8 different charges by the federal prosecutors of New York. If the punishment for all is to be given it would lead to 115 years of imprisonment. However, SBF is likely to get a lesser prison sentence.

Also read: Kevin O’Leary Shows Unwavering Support For Bankman-Fried Through Latest Tweet

Apart from that, he has also been accused by the U.S. market regulators of defrauding investors and customers by giving them false data and hopes. As they said, “he built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”

SBF is also claimed to be guilty of misusing the funds of the customers for benefits to his organization and the sister company to FTX, Alameda Research. He has defended himself by tweeting that he had not been highly involved with Alameda in the past couple of years.

He is also accused of providing wrong information to the customers about the financial conditions of Alameda.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.