Sam Bankman-Fried Had His Bail Request Denied By Authorities

Things are not going well for the ex-CEO of once the world’s third-biggest cryptocurrency exchange, FTX.

One after another, the quickly occurring developments are making the situation worse for Sam Bankman-Fried.

Following the financial collapse of FTX, every single individual has pointed out that FTX’s financial matters were not transparent only because SBF was using those funds for illegal activities and for his personal gains rather than valuing the crypto ecosystem.

As SBF is fighting its legal battles while being held in the custody of regulators, he recently filed for bail. Unfortunately, his bail was rejected instantly.

Bahamian Department of Correction has categorically denied the request and firmly said that the institute will be lenient towards the Ex-CEO of FTX.

Where Will This Current Sam Bankman-Fried Saga Will End?

The end seems far away; the Bahamian judge said on Tuesday that there is clear evidence that SBF clearly instructed the officials of FTX over the illegal usage of billions of dollars.

This offense has the highest consequences, and the current situation will only be more troublesome for the former CEO.

In addition, another story published by the world’s famous platform Reuters had similar thoughts.

According to Reuters, Mr. SBF has circumvented the campaign regulations; his acts have initiated one of the biggest financial crimes in the history of the country.

Moreover, its impacts are also very significant and unparalleled in history. The demise of the FXT has turned the cryptocurrency’s global market upside down. That’s how serious the matter is.

Even today, the cryptocurrency market has become favorable for bears as some of the world’s famous cryptocurrencies are already reaching the new low.

According to a Bahamas magistrate court, the criminal offense committed by Sam Bankman Fried is not subjected to any sign of relief.

The Current Situation Sam Bankman-Fried is facing

As of this writing, the former CEO of FTX is imprisoned in The Bahamas’ only prison – Fox Hill. According to various sources and reports, the prison has substandard standards, and it has inhumanly featured.

Moreover, the Southern District of New York, which is also dealing with the SBF case and the fall of FTX and its subsidiary Alameda Research, published that SBF is charged with eight criminal offenses.

But two of the most significant charges are wire fraud and illegal use of customers’ digital assets.

SBF’s story is such a high profile that some of the country’s biggest media outlets are also following the daily developments of this case.

Recently a report published by “CNN” clarified that if SBF is found guilty over all eight charges, this will send him to jail for almost 115 years.

More, the US Security and Exchange Commission has also accused SBF on purpose tried to trick the investors as he attempted to use their funds for its own benefit. It is worth documenting that FTX collapsed during the third week of November.

On the other hand, SBF, who recently invited the British Broadcasting Company (BBC), during a conversation with Sam Bankman-Friend, told BBC that he is planning to build another business.

The motto will be to pay back to those who have lost their investment during the bankruptcy of FTX.

Sam Bankman-Fried also responded to the fraud allegations by saying that he did not commit fraud; he never thought he was a fraudulent individual.

The collapse simply happened because I thought I was more capable. However, in reality, I was not.

Even though Samb Bankman-Fried is not been officially found guilty of any crime. But all the indicators and outcomes are against him. For long, he will fight his legal battles is a question that can only be answered in time.

But it seems impossible for SBF to start a new setup anytime soon. Investors will not trust him ever again. The collapse of FTX has proven to be damaging to the professional reputation of SBF.

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