The Bahamas Judge Denies Bail to Disgraced FTX Founder
A day after FTX founder Sam Bankman-Fried was arrested by the Bahamian authorities, SBF has been denied bail by the judge.
Soon after his arrest, SBF’s attorney requested to release his client after paying $250,000 in cash along with an ankle bracelet. However, Chief Magistrate Joyann Ferguson-Pratt said that there’s a major flight risk behind releasing SBF. She added:
“Risk of flight is so great that Samuel Bankman-Fried ought to be remanded in custody. I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond.”
As a result, SBF will continue to remain in The Bahamian prison until the extradition hearing on Feb 8, to send him to the U.S. However, after his arrest, SBF’s lawyers said that they would fight plans to send him to the U.S.
FTX Founder Could Face 115 Years of Prison
The federal prosecutors in Manhattan slapped eight criminal charges on SBF on account of wire fraud and conspiracy. There have been allegations of misusing billions of dollars in customers’ funds. This is over and above the civil charges announced by the U.S. Securities and Exchange Commission (SEC).
Nicholas Biase, a spokesperson for U.S. prosecutors, said that the maximum potential exposure from these charges is 115 years. During the proceedings on Tuesday, Sam Bankman-Fried appeared with his parents in the courtroom.
During the proceedings, SBF’s lawyers said that their client needs to take medications for ADHD and allergies frequently. The court also had to halt the proceedings at one point so that SBF could take his doses timely.
SBF was given 15 minutes with his parents before being taken away by the authorities. However, regular meetings with parents won’t be possible citing Covid protocols. As per the judge’s order, the Bahamian authorities have moved SBF to the Bahamas Department of Correctional Services facility, commonly known as Fox Hill.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
