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TOPSHOT - FTX laminitis Sam Bankman-Fried (C) is led distant handcuffed by officers of the Royal Bahamas Police Force successful Nassau, Bahamas connected December 13, 2022. - Disgraced cryptocurrency tycoon Sam Bankman-Fried was deed with aggregate transgression charges December 13, 2022, accused of committing 1 of the biggest fiscal frauds successful US history. Bankman-Fried volition service clip astatine The Bahamas Department of Corrections until February 8, 2023. (Photo by Mario Duncanson / AFP) (Photo by MARIO DUNCANSON/AFP via Getty Images)
Mario Duncanson | Afp | Getty Images
Philip Davis, the premier curate of the Bahamas, once touted FTX's accomplishment successful the Bahamas arsenic an illustration of the professionalism of Bahamian securities regulators successful ensuring "good actors, arsenic opposed to atrocious actors, travel into this space."
Less than 9 months aft Davis lauded FTX laminitis Sam Bankman-Fried's determination to the land nation, Bahamian fiscal crimes officers spirited the erstwhile billionaire from his multi-million-dollar penthouse flat and into authorities custody, pending extradition.
FTX laminitis Sam Bankman-Fried (2nd L) is led distant handcuffed by officers of the Royal Bahamas Police Force successful Nassau, Bahamas connected December 13, 2022.
Mario Duncanson | AFP | Getty Images
In tribunal connected Tuesday, Bankman-Fried had swapped his signature FTX t-shirt and shorts for a bluish overgarment and a achromatic button-down, arsenic lawyers pleaded for a justice to let him to beryllium released connected $250,000 bail with an ankle monitor.
Bankman-Fried's parents watched connected arsenic a Bahamian magistrate justice quashed immoderate accidental of Bankman-Fried's return to his house. Citing a "great" hazard of flight, the Bahamian justness remanded Bankman-Fried backmost to jailhouse until his adjacent scheduled proceeding connected Feb. 8, 2023.
Sam Bankman-Fried, laminitis of FTX, left, and his parent Barbara Fried astatine the Magistrate's Court successful Nassau, Bahamas, connected Tuesday, Dec. 13, 2022. Bankman-Fried was denied bail by a judge, leaving the disgraced co-founder of crypto elephantine FTX down bars.
Katanga Johnson | Bloomberg | Getty Images
His parents, Joseph Bankman and Barbara Fried, gave him a parting hug earlier Bahamian instrumentality enforcement moved Bankman-Fried retired of the courtroom and distant to the notorious HMP Fox Hill situation where, according to Reuters, he's housed successful the aesculapian unit.
Sam Bankman-Fried, laminitis of FTX, halfway right, is escorted retired of the Magistrate's Court successful Nassau, Bahamas, connected Tuesday, Dec. 13, 2022. Bankman-Fried was denied bail by a judge, leaving the disgraced co-founder of crypto elephantine FTX down bars.
George Robinson | Bloomberg | Getty Images
Bankman-Fried faces criminal charges successful the United States, including securities fraud, run concern violations, and wealth laundering, implicit the implosion of his FTX crypto exchange.
FTX's illness was precipitated when reporting by CoinDesk revealed a highly concentrated presumption successful self-issued FTT coins, which Bankman-Fried's hedge money Alameda Research utilized arsenic collateral for billions successful crypto loans. Binance, a rival exchange, announced it would merchantability its involvement successful FTT, spurring a monolithic withdrawal successful funds. The institution froze assets and declared bankruptcy days later. Charges from the SEC and CFTC indicated that FTX had commingled lawsuit funds with Bankman-Fried's crypto hedge fund, Alameda Research, and that billions successful lawsuit deposits had been mislaid on the way.
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