After being arrested on fraud charges, Sam Bankman-Fried (SBF) was denied bail by a judge in the Bahamas.
As per reports, the former FTX CEO was remanded in custody until February.
crypto exchange FTX, Sam Bankman-Fried, was arrested by Bahamas Authorities for his misconduct.
After his arrest, reports emerged that SBF's attorney filed a bail application, which included the compensation of $250,000 in cash along with an ankle bracelet. However, the Bahamas Chief Magistrate rejected the bail application, citing the fact that releasing SBF would pose a significant flight risk.
The Chief Magistrate of Bahamas Joyann Ferguson-Pratt noted:
“The risk of flight is so significant that Samuel Bankman-Fried should be detained. I am not convinced that there is any condition I could place on Samuel Bankman-Fried that would adequately satisfy me, given his access to substantial funds, that he would not and could not abscond.”
The Bahamas arrested Bankman-Fried in response to a request from US authorities. Bankman-Fried was charged with multiple charges in a federal criminal indictment released on Tuesday, including wire fraud, money laundering, and campaign finance violations.
On Dec 13, the US Securities and Exchange Commission filed civil charges against Bankman-Fried, alleging that he deceived investors and customers.
As per a Reuters report, SBF will stay in Bahamian custody until the extradition hearing on February 8 to send him to the United States. However, following his detention, SBF's attorneys stated that they will resist any plans to extradite him to the United States.
What are your thoughts on Sam's prison sentence? Will he be granted bail after being extradited to the United States? Share your views in the comment section below.
Read also: Twitter Floods with FTX Memes