Crypto: Sam Bankman-Fried comes out of his gongs and responds to criticism!

After FTX’s bankruptcy, Sam Bankman-Fried repeatedly apologized to exchange customers. However, he denied any criminal liability in the matter, while acknowledging that the crypto business had several failings. As investors feared SBF would walk away unscathed, Bahamian authorities arrested him. Here’s what happened next.

Multiple counts against Sam Bankman-Fried

Reuters posted on Twitter on the night of December 13, To announce that SBF was remanded to the Bahamas. The World News Agency said: Former FTX CEO Sam Bankman-Fried’s bail request has been denied by a Bahamian magistrate. Bankman-Fried to be sent to Bahamas Department of Corrections until Feb. 8, judge says “. SBF was denied bail because the flight risk was considered too great.

It appears that US prosecutors unveiled an indictment on Tuesday morning on the cases in which SBF is allegedly involved. The deed mentions that the ousted CEO participated in the scam of customers of the bankrupt exchange FTX. Prosecutors said he embezzled client funds to meet their own expenses and pay debts. Client deposits were also used by SBF to invest in its Alameda Research crypto hedge fund.

Details from Reuters

115 years in prison?

The indictment mentions that the former CEO committed serious fraud. He is accused of providing false information to Alameda lenders about the company’s situation. SBF is also accused of trying to hide the money received by defrauding and to have used part of the latter to donate to politicians. Prosecutors said he did ” tens of millions of dollars in campaign contributions “.

He faces up to 115 years in prison if convicted on all eight counts, prosecutors have said, although any sentence depends on a range of factors “, can we read in the report of the global news agency Reuters.

Sam Bankman-Fried was arrested by Bahamian authorities on December 12, 2022. He appeared rather calm when he arrived in court the next day. His attorney pleaded for bail, which was denied. Now SBF has to spend several weeks in detention. This, until his next appearance in court in the Bahamas on February 8.

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