Breaking News: Bankman-Fried Denied Bail
- Banman-Fried was ordered to remain in custody until February 8, 2023.
- SBF’s legal team claimed the FTX founder deserved bail since he had no criminal record.
- The 30-year-old’s parents have stayed by his side amidst his legal troubles.
The disgraced founder of crypto exchange FTX, Sam Bankman-Fried, has reportedly been denied bail by a judge in the Bahamas and was ordered to remain in Bahamian custody until February 8, 2023. This decision came hours after a federal criminal indictment against Bankman-Fried was made public in New York City and claimed that the entrepreneur had engaged in fraud.
Bankman-Fried’s legal team asked for bail in response to Chief Magistrate JoyAnn Ferguson-Pratt’s ruling that the former FTX CEO had the right to apply for bail. SBF’s lawyers said the executive was diagnosed with depression and insomnia. The attorneys also argued that Bankman-Fried should be granted bail since he had no criminal record and chose not to escape the Bahamas despite having the chance to do so.
Additionally, SBF’s legal team claimed that their client hasn’t been taking any prescription drugs, such as Adderall and anti-depressants, since his arrest. The attorneys added that if granted bail, SBF has no objections to electronic monitoring or reporting to a neighborhood police station.
Police in the Bahamas detained Bankman-Fried on Monday night after receiving a request from the US Attorney for the Southern District of New York. Additionally, the Securities and Exchange Commission and the Commodity Futures Trading Commission have both made serious accusations of fraud and dishonesty against the former billionaire. Bankman-Fried was accused of a number of offenses, including wire fraud, securities fraud, money laundering, and breaches related to campaign funding.
This is a developing story and will be updated to include more details.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
