FTX founder and former CEO Sam Bankman-Fried (SBF) was arrested in the Bahamas , and immediately applied for a bail of 250,000 US dollars pending release, but the judge believed that he was in danger of fleeing, so he refused bail and must be remanded until February 2 next year extradition hearing on 8th.
Wearing a blue suit, the former currency mogul appeared in court in Nassau, Bahamas, on Dec. 13 to face an extradition order from the U.S. on federal charges of wire fraud, conspiracy to launder money and campaign finance violations, among other charges. other allegations.
SBF, who was not handcuffed, sat alone in the front row of the courtroom, directly facing Magistrate Joyann Ferguson-Pratt, who signed the arrest warrant on Monday.
SBF parents Joe Bankman and Barbara Fried sat in the third row behind the media. They seem to oscillate between frustration and defiance, sometimes with their heads in their hands and clasped hands. SBF ‘s mother laughed out loud several times when her son was called a “fugitive,” and his father occasionally put his fingers over his ears, as if to drown out the sound of the proceedings.
In court, the defense lawyer proposed a bail plan of 250,000 US dollars, and SBF needed to take medicine regularly and maintain a vegetarian habit, etc., and emphasized that SBF is a permanent resident of the Bahamas, owns real estate, and has surrendered his passport. There is no absconding risk, and SBF can be strictly monitored by wearing electronic shackles, so SBF’s request for bail should be agreed.
The prosecution and the defense immediately started a heated debate. Prosecutors in the Bahamas argued that SBF had no strong case for owning properties in the Bahamas because once his crimes were established, the properties could be repossessed to pay off investors.
Prosecutors also said allowing SBF bail would violate a treaty with the United States that requires the accused to be held in custody pending extradition proceedings. Prosecutors then reminded the judge that SBF has “extensive ties” to many countries, including Hong Kong, where he set up Alameda Research. In addition, SBF had a witness who was “preparing to relocate” to a country in the Middle East.
SBF told the judge he would not waive his right to fight extradition, suggesting he may find ways to stay in the Bahamas.
In the end, the judge decided to reject SBF’s bail application, saying she did not believe SBF’s apartment or bond would be enough to prevent him from escaping. she says,
After hearing the judge’s ruling, SBF, who was sitting alone in the first row, suddenly collapsed, holding his head in his hands.
SBF will be held at the Bahamas’ notoriously harsh and dangerous Fox Hill Prison ahead of an extradition hearing on Feb. 8. It is reported that the prison is overcrowded, a cell can accommodate up to 6 people, and there is often a problem of insufficient drinking water.