Sam Bankman-Fried denied bail by judge

Source : ABC News

Following yesterday's high-profile arrest, Coindesk has announced that  FTX founder Sam Bankman-Fried has been denied bail. The former CEO of the now-bankrupt crypto exchange remains in state custody. 

Judge Joyann Ferguson-Pratt, presiding over Case ,set an extradition hearing for  February 8. The scheduled hearing followed a decision to deny Bankman-Fried bail.
Bankman-Fried's remains in the Bahamas 
 At today's hearing, Bankman-Fried's lawyers demanded that the 30-year-old man be released on $250,000. The former billionaire's legal counsel argued that his regular medication required his release. 

 Bahamian prosecutors objected to the request, saying it violated a treaty with the United States. The lawyers pointed out that according to the agreement, the accused must be kept in custody during the extradition proceedings.

Later, Bankman-Fried told a judge she would not waive her right to fight extradition, according to the report. He later hinted that he might be actively hoping to stay in the Bahamas. 

Monday's arrest of surprised many, but speaks to the essential nature of both the Bankman-Fried crimes and the information obtained by the US Attorney. The arrests were prompted by indictments from U.S. prosecutors, and unsealed documents reveal eight charges against Bankman-Fried.

The former crypto tycoon was due to testify today about the events that led to the collapse of the platform. On the other hand, an arrest cancels this procedure. Damian Williams, Bankman-Fried's prosecutor, announced today that he was indicted by a US grand jury  last Friday. A warrant was accordingly issued and executed on the following Monday.

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