Sam Bankman-Fried was imprisoned until February without the possibility of bail

The U.S. Attorney’s Office has indicted Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, which caused millions of investors to lose their money due to its bankruptcy. According to the court’s decision, SBF will be sent to the Bahamian Fox Hill prison until February 8, 2023, without the possibility of bail. A video of Benkman-Fried being taken out of the courtroom in handcuffs has already been posted online.

The official indictment accuses Bankman-Fried of defrauding FTX clients since 2019. The ex-billionaire is also suspected of making tens of millions in illegal political donations to protect himself and his business. Earlier, there were rumors that Benkman-Fried had bribed US Democrats and that is why he remained at large. This theory was even supported by Elon Musk, who suggested that the real amount of Fried’s sponsorship of the Democratic Party was even more than $ 1 billion.

As for Benkman-Fried's detention, the court refused to grant his lawyers bail of $ 250,000, citing a «risk of flight.» According to local journalists, Fox Hill Prison is known for its harsh conditions, so the fraudster is likely to have a tough time.

Legal experts have emphasized that there is a high probability that the entrepreneur will be sentenced to life without the possibility of bail. Representatives of the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) also prepared their charges.