- Bahamas authorities arrested Sam Bankman-Fried on Monday.
- This led to an official US extradition request.
- Now the failed FTX founder has been in jail for over 100 years.
It was Monday Sam Bankman-Fried was arrested by authorities in the Bahamas, which caused quite a stir on social media. The founder of the failed FTX has been accused of fraud, money laundering and many other crimes. With the arrest, authorities in the Bahamas blocked an official extradition request from the United States, as only Sam Bankman-Fried was initially charged in the States. So authorities responded to a notice from the U.S. Attorney’s Office for the Southern District of New York.
Case in America
It was last night Officially announced the charge sheet. The state attorney’s office issued a letter with eight counts of fraud, money laundering and illegal campaign financing. The former crypto guru could be sentenced to more than 100 years in prison, as sentences in the US are cumulative. So if SBF is handed over, he will have to answer to the court.
Meanwhile, there is also an extradition hearing to the United States scheduled for February 8, 2023. Until then, Bankmann-Fried must remain in prison, which has many individual cells and extremely poor sanitary conditions. Not really fun for the SBF, as the US State Department has warned conditions Inhuman by 2021 itself.
Although the lawyer said during the initial court hearing that Sam Bankman-Fried had no intention of fleeing, US intervention is unlikely to do much good. In addition, bail has been suspended for this particular case because a court in the Bahamas sees Bankman-Fried as a risk of absconding given the harsher sentences.
How does the process proceed?
If Sam Bankman-Fried is extradited to the US unharmed next year, a real investigation into the incidents could begin. The founder’s personal fate is likely to be less rosy. Political connections don’t help him much and his chances for light sentences aren’t great either. While not all areas carry a maximum sentence, SBF is likely to spend most of his life behind bars. Perhaps until the end of his life, even with a partial sentence, Bankman-Fried, now 30, will be an old man when he is released.
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