Sam Bankman-Fried, founder and faded CEO of FTX, was once denied bail on Tuesday after a Bahamian grab deemed him a flight risk, according to Reuters. An extradition hearing is scheduled for February 8th.
Bankman-Fried, nicknamed “SBF,” was once arrested in the Bahamas Monday evening after US prosecutors informed the Bahamas of sweeping criminal costs anticipated to be filed against the disgraced crypto darling. In an unsealed indictment Tuesday, prosecutors at the Justice Division’s Southern District of Contemporary York charged Bankman-Fried with eight counts of fraud, including lying to investors and violating US campaign finance law.
Earlier on Tuesday, Bankman-Fried looked earlier than a Bahamas court in his first public appearance since FTX’s November give arrangement. SBF’s attorneys sought his free up on $250,000 in bail.
The court’s decision to recount bail follows a marathon hearing in the Dwelling Financial Services Committee where lawmakers questioned recent FTX CEO John J. Ray III over the alternate’s give arrangement. Earlier than his arrest on Monday, SBF was once slated to testify earlier than lawmakers as properly. In remarks obtained by The Wall Aspect road Journal, SBF was once ready to yelp regret for the implosion, however furthermore positioned partial blame onto Ray and rival cryptocurrency alternate Binance.
“I would wish to begin by formally stating, beneath oath: I fucked up,” the remarks acknowledged.
For the length of Tuesday’s hearing, lawmakers broadly agreed FTX’s give arrangement warranted bigger law of the crypto law. However with miniature time left earlier than the finish of the year, McHenry acknowledged the committee would eliminate up negotiations in January.
“The arrest of Sam Bankman-Fried is welcome information, nevertheless it level-headed would not find to the bottom of what came about at FTX, and why it came about, and who else is seemingly to be to blame,” incoming Financial Services Chair Patrick McHenry (R-TX) acknowledged in his opening assertion.
