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.
👉 FTX: the answers to all your questions about the affair that is shaking up cryptocurrencies
Ledger Stax, designed for NFTs by the creator of the iPod
🔥 The world leader in crypto security
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 “.
👉 “Stop trying to depeg stablecoins” – Lunar private exchanges between Sam Bankman-Fried and Changpeng Zhao?
Order our Book to understand everything about cryptos
Published by Editions Larousse
Source: Fox Business
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
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
503 items
;Resize=(1200,627)&hash=b8bc57b14d0eb6239cce998a60ed0576f80d1c5c28d11f96391641ad97096009 "LG Week at Media Markt – TVs and household appliances from LG greatly reduced")
