The founder and former CEO of the now insolvent Crypto exchange, Sam Banknan Fried, has been denied bail by the presiding Choose of the Bahaman Justice of the Peace Court docket the place SBF is being tried. The denial was on the grounds that Sam Bankman-Fried’s bail request was as a result of he posed a “flight threat.”

The Bahaman Justice of the Peace Court docket, presided on by Choose Joyann Ferguson-Pratt, has ordered the remand of SBF within the nation’s correctional facility until the eighth of February 2023, when the extradition listening to can be continued.

This injunction was made after SBF’s lawyer had pleaded with the court docket to contemplate releasing him on a $250,000 bail. He additional argued that bail is important for SBF to have the ability to monitor his well being, hold to his vegan eating regimen and take his routine medicine. One in every of his drugs is Zyrtec, an over-the-counter allergy medicine, Emsam patches which SBF claims to make use of for his melancholy and Adderall.

The prosecuting counsel argued that granting Bankman-Fried bail would violate the present extradition agreement with the US, which requires all defendants to be held in custody pending the extradition trial. SBF additionally revealed to the court docket that he wouldn’t defer his proper to battle the extradition try, hinting that he’ll try to stay within the Bahamas.

SBF isn’t a flight threat

Debunking the flight threat declare, Jerome Roberts, SBF’s lawyer, argued that his consumer posed no flight threat mentioning that he owned properties within the Bahamas, had had his passport with him for about three weeks earlier than his detention on Monday, and will have bolted if he needed to.

Roberts additionally argued that as a substitute of denying his consumer bail, the court docket may order using digital monitoring gadgets that will monitor the motion of this consumer and can curtail his motion.

Roberts was rebuffed by Choose Ferguson-Pratt, who asserted that somebody who was decided may discover a option to depart the nation.

SBF’s arrest

SBF bought arrested on Monday night after the Royal Bahamas Police Drive was knowledgeable of a secret indictment by American prosecutors. Earlier on Tuesday, the Southern District of New York U.S. The Legal professional’s Workplace unveiled the indictment, revealing that authorities accused the previous FTX CEO of wire fraud, conspiracy to launder cash, and marketing campaign finance violations, amongst different issues.

The US Legal professional, Damian Williams, throughout a press conference, acknowledged that upon the collapse of FTX, which resulted within the lack of buyer belongings, the Division of Justice had teamed up with the FBI and the Safety Trade Fee to evaluate the state of affairs and “to start the method of in search of justice.” He additional revealed that the crew has “…unsealed an eight-count indictment charging Samuel Bankman-Fried, FTX’s founder, with a sequence of interrelated fraud schemes that contributed to FTX’s collapse.”

Along with the indictment of SBF by a grand jury within the US final Friday, which led to his arrest, the SEC and CFTC filed a lawsuit in opposition to Bankman-Fried for alleged securities and commodities fraud.

Investigations into Bankman-Fried and FTX are being carried out on each a civil and felony degree by Bahamas authorities officers.

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