In the end, Sam Bankman-Fried was not heard by the House of Representatives Financial Services Committee and a possible public hearing will still have to wait. Indeed, the former CEO of FTX has been remanded in custody in the Bahamas pending a possible extradition to the United States which will be decided on February 8, 2023.
Sam Bankman-Fried remanded in custody
While Sam Bankman-Fried was arrested yesterday by Bahamian authorities, the day he was scheduled to testify before the House Financial Services Committee, his request for release on bail was refused by the competent judge.
This “chance of the calendar” did not please the President of the Commission Maxine Waterswho said she was “surprised” by the arrest of the latter on such a date, via a press release:
“It is high time that the process of translating [Sam Bankman-Fried] in court begins. However, as the public knows, my staff and I have worked diligently over the past month to obtain the testimony of [Sam Bankman-Fried] before our committee […]. »
Therefore, former FTX CEO is remanded in custody pending his extradition to the United States, the judge fearing “a risk of absconding”. Sam Bankman-Fried was thus placed in the Bahamas Department of Corrections until February 8, 2023.
However, the judge’s fear turned out to be justified. Indeed, the decision taken here follows a statement by SBFthe latter having informed the Bahamian justice “that he would oppose” any extradition order to the United States a few hours earlier.
However, this detention does not that prolonging the wait for a possible public hearing of Sam Bankman-Friedwhich is now desired by both investors and the authorities.
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What does Sam Bankman-Fried risk?
As revelations of all kinds continue to pour in since the bankruptcy of FTX and the change in management within the exchange, Sam Bankman-Fried is notably the subject of lawsuits from the United States Department of Justice. United.
Currently, 8 charges are brought against the former CEO of FTX, according to the indictment issued by the ministry. According to the prosecutors involved, SBF could face a sentence of 115 years in prison if convicted on the charges in question.
Specifically, Sam Bankman-Fried is currently charged with money laundering, conspiracy to defraud the United States, or conspiracy to commit wire fraud against customers or lenders, among others.
As of yesterday, SBF is also being sued by the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for various securities and commodity fraud charges.
When Sam Bankman-Fried’s detention was announced, his lawyers somehow tried to get him released on bail for $250,000. Additionally, they argued that the ex-CEO of FTX should ” regularly take medication “, including Zyrtec (an anti-allergic antihistamine) and Adderall (a psychostimulant based on amphetamines). They also argued that he should be able to continue to ” follow your vegan diet “.
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Published by Editions Larousse
Source: Fox Business
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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