Tuesday, former FTX CEO Sam Bankman – Fried (SBF) appeared in court with newly appointed attorney Mark Cohen, and his legal team asked Bahamian Judge Joyann Ferguson-Pratt to bail SBF on an ankle bracelet. A report on the lengthy court hearing detailed that SBF’s parents, Joseph Bankman and Barbara Freed, were present at the proceedings. Denied bail request and remanded Bankman-Fried back to Bahamian prison until his February 8, 2023.
Bankman-Fried’s Media His AFR His Tour Begins According to his reports, FTX insiders had a secret signal his chat his group called “Wirefraud” It says. It all started when Coindesk went public with his SBF quantitative trading firm, Alameda Research, andexposureof his FTT tokens in the company’s vast holdings. After this report, FTX and Alameda stepped into the spotlight, and Binance CEO Changpeng Zhao (CZ) revealed that his exchange will sell all of its FTT tokens.
These two events fueled speculation that FTX and Alameda were insolvent, and on November 8, 2022, Binance purchased FTX after conducting due diligence on the company’s financials. announced. However, the deal did not break down and closed at 4pm. (ET) On November 9, 2022, the world’s largest cryptocurrency exchange by trading volume announced that it would no longer purchase FTX.
At this point, all digital assets from FTX’s coffers have either been withdrawn by customers, many of whom are from the Bahamas, or simply disappeared. Two days after Binance pulled the deal, SBF announced that FTX and Alameda, along with about 130 affiliates, had filed for Chapter 11 protection.
SBF also revealed that he had resigned from his position as CEO of FTX, with John J. Ray III taking over the position to deal with the bankruptcy and restructuring process. board. Since filing for bankruptcy, SBF has embarked on a media tour with numerous interviews and a significant amount of troubling evidence has been reported by numerous media publications.
Before he was arrested by the SBF in the Bahamas, a report published by the Australian Financial Review (AFR) stated that his SBF and his entourage at FTX were accused of “Wirefraud”. It detailed that they used a secret chat group called. AFR US correspondent Matthew Cranston said: Hope the information remains hidden.
Bankman-Fried was arrested 24 days after he was issued the AFR report. The FTX co-founder was also indicted by a federal grand jury in Manhattan oneight counts of financial fraud by Southern District of New York (SDNY) prosecutor Damien Williams. SBF has also been sued by the US Securities and Exchange Commission (SEC) and sued by the Commodity Futures Trading Commission (CFTC).
SBF legal team tries to get co-founder out of jail, Bahamian judge refuses bail, disgraced FTX co-founder handcuffed out of court
On the same day, the SBF court and his team of attorneys attempted to release him on bail. According to one report SBF’s parents, Joseph Bankman and Barbara Freed, attended the court hearing. SBF’s mother is said to have laughed out loud whenever her son was called a “fugitive” and her father put a finger in her son’s ear. His attorney, Mark Cohen, represented Ghislaine Maxwell in a sex trafficking trial and tried to release SBF on his $250,000 bail.
Cohen was quoted as saying that his client had “suffered from depression, insomnia and ADD for over a decade.” At the hearing prosecutorsargued that SBF was “at risk of flight” because of all of his financial ties. I didn’t seem upset by the claim that I was in trouble and the fact that SBF had given up my passport.
Judge Ferguson-Pratt told the court that bail was denied and the SBF will hold him until a court hearing on February 8, 2023. The New York Post reports that, following the decision, SBF bowed and hugged his parents before being handcuffed and taken out of the courthouse.
What are your thoughts on SBF’s recent arrest and accusations that his inner circle is part of a secret chat group called ‘Wirefraud’? What are your thoughts on the Bahamian judge’s denial of SBF bail? Let us know what you think of the matter in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credits: New York Post, Eyewitness News Bahamas,