Sam Bankman-Fried is denied bail in the Bahamas


Sam Bankman-Fried, founder and former CEO of FTX, was denied bail on Tuesday after a Bahamian judge deemed him a flight risk, according to Reuters. An extradition hearing is scheduled for February 8th.

Bankman-Fried, nicknamed “SBF,” was arrested in the Bahamas Monday evening after US prosecutors informed the Bahamas of sweeping criminal charges expected to be filed against the disgraced crypto darling. In an unsealed indictment Tuesday, prosecutors at the Justice Department’s Southern District of New York charged Bankman-Fried with eight counts of fraud, including lying to investors and violating US campaign finance law.

The court’s decision to deny bail follows a marathon hearing in the House Financial Services Committee where lawmakers questioned current FTX CEO John J. Ray III over the exchange’s collapse. Before his arrest on Monday, SBF was slated to testify before lawmakers as well. In remarks obtained by The Wall Street Journal, SBF was prepared to apologize for the implosion, but also placed partial blame onto Ray and rival cryptocurrency exchange Binance. 

“I would like to start by formally stating, under oath: I fucked up,” the remarks said.

Throughout Tuesday’s hearing, lawmakers broadly agreed FTX’s collapse warranted greater regulation of the crypto regulation. But with little time left before the end of the year, McHenry said the committee would pick up negotiations in January. 

“The arrest of Sam Bankman-Fried is welcome news, but it still does not get to the bottom of what happened at FTX, and why it happened, and who else may be responsible,” incoming Financial Services Chair Patrick McHenry (R-TX) said in his opening statement.



Source link: https://www.theverge.com/2022/12/13/23508217/sbf-sam-bankman-fried-ftx-bail-john-ray-congress-hearing

Sponsors

spot_img

Latest

A Season of Change for Me and Wit & Delight

When I started Wit & Delight at twenty-four, the world as we know it today looked very different. For a little context, the...

Beware of God

In Bernstein v. Nossel, decided yesterday by New Jersey intermediate appellate court (Chief Judge Carmen Messano and Judges Katie Gummer and Lisa Perez-Friscia),...

The moat paradox: Rediscovering competitive advantage for AI success

Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More Building...

Game Recap: Timberwolves 119, Kings 115

The Timberwolves defeated the Kings, 119-115. Anthony Edwards recorded 17 points, five rebounds, and seven assists for the Timberwolves, while Rudy Gobert added...

Russia targets February 24th for Soyuz MS-22 crew rescue launch

Russia has set a new date for when it will to the International Space Station to retrieve the three astronauts whose Soyuz...