Bahamas court denies ex-chief executive of bankrupt FTX bail

Bahamas court denies ex-chief executive of bankrupt FTX bail

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Bahamas court denies ex-chief executive of bankrupt FTX bail
Former crypto exchange CEO held until at least Feb. 8, 2023, the court finds prone to flight

A magistrate judge in the Bahamas rejected a bail application from the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Friede, Reuters reports. The founder of the trading platform was considered a flight risk and has been detained until Feb. 8, 2023, when his case will resume.


The SEC intends to prosecute Bankman-Fried for fraudulently obtaining billions of dollars from FTX investors and misusing customer funds. According to the regulator, since at least May 2019, FTX, which is registered in the Bahamas, has received more than $1.8 billion from investors, including about $1.1 billion from U.S. customers.

 

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