Sam Bankman-Fried Is Denied Bail in the Bahamas and Faces Extradition to the U.S.

Sam Bankman-Fried is charged with multiple counts of wire fraud and conspiracy.

Sam Bankman-Fried arrested
FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas. MARIO DUNCANSON/AFP via Getty Images

Fallen FTX founder Sam Bankman-Fried was denied bail in a Bahamas court on Dec. 13 and faces possible extradition to the U.S. He was arrested by Bahamian authorities on Dec. 12 in his apartment after U.S. prosecutors filed criminal charges against him.

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Bankman-Fried said in court he will not waive his right to an extradition hearing, Reuters reported. It’s his first in-person public appearance since the collapse of FTX Group in November, although he has done numerous media interviews remotely from his home.

Yesterday’s hearing was attended by Bankman-Fried’s parents Joseph Bankman and Barbara Fried, both law professors at Stanford University. At the start of the hearing, Bankman-Fried asked the court’s permission to leave briefly to change an Emsam patch, a medical skin strip used to treat adult depression, according to Reuters.

The U.S. Attorney’s Office for the Southern District of New York on Dec. 12 charged Bankman-Fried with multiple counts of wire fraud and conspiracy for FTX’s misuse of customer funds. He was also charged by the Securities and Exchange Commission with defrauding investors.

Sam Bankman-Fried Is Denied Bail in the Bahamas and Faces Extradition to the U.S.