Sam Bankman-Fried is rejected bail in the Bahamas

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Sam Bankman-Fried is rejected bail in the Bahamas

Sam Bankman-Fried, creator and previous CEO of FTX, was rejected bail on Tuesday after a Bahamian judge considered him a flight threat, according to Reuters An extradition hearing is arranged for February 8th.

Bankman-Fried, nicknamed “SBF,” was detained in the Bahamas Monday night after United States district attorneys notified the Bahamas of sweeping criminal charges anticipated to be submitted versus the disgraced crypto beloved. In an unsealed indictment Tuesday, district attorneys at the Justice Department’s Southern District of New York charged Bankman-Fried with 8 counts of scams, consisting of lying to financiers and breaching United States project financing law.

Earlier on Tuesday, Bankman-Fried appeared prior to a Bahamas court in his very first public look considering that FTX’s November collapse SBF’s attorneys sought his release on $250,000 in bail.

The court’s choice to reject bail follows a marathon hearing in your home Financial Services Committee where legislators questioned present FTX CEO John J. Ray III over the exchange’s collapse. Prior to his arrest on Monday, SBF was slated to affirm prior to legislators. In remarks acquired by The Wall Street Journal, SBF was prepared to excuse the implosion, however likewise positioned partial blame onto Ray and competing cryptocurrency exchange Binance.

” I wish to begin by officially mentioning, under oath: I screwed up,” the remarks stated.

Throughout Tuesday’s hearing, legislators broadly concurred FTX’s collapse necessitated higher guideline of the crypto policy. With little time left prior to the end of the year, McHenry stated the committee would select up settlements in January.

” The arrest of Sam Bankman-Fried is welcome news, however it still does not get to the bottom of what took place at FTX, and why it occurred, and who else might be accountable,” inbound Financial Services Chair Patrick McHenry (R-TX) stated in his opening declaration.

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