Sam Bankman- Fried, founder and former CEO of FTX, was denied bail on Tuesday after a judge in the Bahamas deemed him a flight risk. February 8th is when the hearing will take place.
After US prosecutors informed the Bahamas of sweeping criminal charges expected to be filed against Bankman- Fried, he was arrested in the country. Bankman- Fried was charged with eight counts of fraud, including lying to investors and violating US campaign finance law.
Bankman-Fried made his first public appearance since the FTX collapse on Tuesday. His lawyers wanted him to be released on $250,000 in bail.
Lawmakers questioned current FTX CEO John J. Ray III over the exchange's collapse after the court denied bail. SBF was going to testify before lawmakers before he was arrested. In remarks obtained by The Wall Street Journal, SBF was prepared to apologize for the implosion, but also placed some blame on Ray and the other cryptocurrencies exchanges.
I would like to say that I messed up, under oath, according to the remarks.
Lawmakers agreed that the collapse of FTX necessitated greater regulation of thecryptocurrencies. With little time left, the committee will pick up negotiations in January.
The arrest of Sam Bankman-Fried is welcome news, but it still doesn't get to the bottom of what happened at FTX, and who else may be responsible, according to the incoming Financial Services Chair.
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