Sam Bankman-Fried Denied Bail in The Bahamas

A Bahamian judge has denied the former CEO and founder of FTX bail. He is to remain in custody as the judge cites him to be a flight risk. This decision was made in response to his legal team notifying the Bahamian court that he intends to challenge any extradition to the U.S.

Summary

• A Bahamian judge has denied the former CEO and founder of FTX bail.
• He is to remain in custody as the judge cites him to be a flight risk.
• Far away in the U.S., the disgraced Ex-CEO also faces an 8-count charge.

Sam Bankman to Remain in Custody

On December 13th, Bankman-Fried’s legal counsel put forth a request for the disgraced Ex-CEO to be released on bail of $250,000, citing depression and insomnia as mitigating factors in their plea for leniency from the court, SBF’s representation also noted that he had not been taking his medications including Adderall and anti-depressants since being arrested by authorities. They also added that SBF didn’t object to physical monitoring or report to a police station periodically if granted bail.

Judge Ferguson-Pratt has decided to keep crypto executive, Bankman-Fried in custody at the Bahamas Department of Corrections until February 8th 2023. Despite previously declaring that the SBF had a right to request bail, this motion was ultimately denied; thus adjournment of all proceedings has been delayed accordingly.

FTX UPDATE: SBF leaves Magistrate’s court. He will be remanded to The Bahamas Department of Corrections until his matter resumes on Feb 8, 2023. pic.twitter.com/dqXsHeNXSK

— Eyewitness News Bahamas (@ewnewsbahamas) December 13, 2022

Sam Bankman-Fried Faces 8-Count Charge

Far away in the U.S., the disgraced Ex-CEO also faces an 8-count charge including conspiracy to commit wire fraud on customers and lenders; conspiracy to commit commodities and securities fraud; money laundering and conspiracy to defraud the United States and violation of campaign finance laws. The U.S. Department of Justice has said that each of the 8 charges carries an average of 25 years and the former CEO could be facing 115 years in prison if culpable on all counts.

FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenseshttps://t.co/2y85R3ieDs

— Criminal Division (@DOJCrimDiv) December 13, 2022

Conclusion

We continue to see the FTX case and the Sam Bankman-Fried trial continue to unfold. Binance, the world’s largest exchange is also facing some scrutiny. From the looks of things, the crypto winter isn’t easing up anytime soon.