Saturday, March 25, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News FTX collapse

The Bahamas Judge Denies Bail to Disgraced FTX Founder

news by news
December 14, 2022
in FTX collapse, ftx crash, News, Sam Bankman-Fried
0
The Bahamas Judge Denies Bail to Disgraced FTX Founder
0
SHARES
13
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs

Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool

SBF Arrested

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.

The post The Bahamas Judge Denies Bail to Disgraced FTX Founder appeared first on CoinGape.

Related Posts

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs
Altcoin News

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs

March 24, 2023
Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool
24/7 Cryptocurrency News

Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool

March 24, 2023
Just In: Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules
24/7 Cryptocurrency News

Just In: Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules

March 24, 2023
Coinbase VP Hints At Other Countries Filling ‘Crypto’ Vacuum Left By US
Altcoin News

Coinbase VP Hints At Other Countries Filling ‘Crypto’ Vacuum Left By US

March 24, 2023
Binance Resumes Spot Trading After Temporary Maintenance
Altcoin

Binance Resumes Spot Trading After Temporary Maintenance

March 24, 2023
Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden
24/7 Cryptocurrency News

Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

March 24, 2023
Next Post
Australia Targets Crypto In Major Regulatory Changes for 2023

Australia Targets Crypto In Major Regulatory Changes for 2023

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

5 Best NFT Staking Projects To Explore This Weekend

5 Best NFT Staking Projects To Explore This Weekend

February 11, 2023
Top 5 AI Crypto Tokens & Projects Ready To Skyrocket In 2023

Top 5 AI Crypto Tokens & Projects Ready To Skyrocket In 2023

February 8, 2023
XRP News: SEC Win Possible Against Ripple? XRP Lawyer Drops Hint

XRP News: SEC Win Possible Against Ripple? XRP Lawyer Drops Hint

January 19, 2023
Crypto Market Mixed As US Fed Hikes Interest Rate By 25 bps

Crypto Market Mixed As US Fed Hikes Interest Rate By 25 bps

March 22, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In