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Live news: Bankman-Fried was denied bail in the Bahamas and taken into custody

FTX founder Sam Bankman-Fried appeared in court for the first time in the Bahamas after being arrested on monday in the Caribbean at the behest of the United States government, with his attorney asking for a set bail amount of $250,000.

Jerome Roberts, a lawyer for the former executive of the cryptocurrency exchange, also demanded that Bankman-Fried be released from prison for electronic surveillance, according to Reuters.

Chief Justice JoyAnn Ferguson-Pratt, who is overseeing the hearing, said Bankman-Fried has the right to apply for bail, after adjourning an earlier hearing on Tuesday to consider whether the court has jurisdiction over bail. or not.

Roberts told the court his client had suffered from depression, insomnia and attention deficit disorder for more than 10 years and that his medication included antidepressants and Adderall.

Roberts also argues that Bankman-Fried, who has no criminal record, is not at risk because he had the opportunity to flee the Bahamas but stayed. The former executive had to surrender his US passport upon arrest and also intends to resist extradition to the United States, where he has been charged.

Federal prosecutors charged Bankman-Fried with eight counts including conspiracy to commit wire fraud, money laundering and campaign finance violations by Damian Williams, US attorney for the Southern District. New York, called “one of the crimes” biggest financial fraud in American history”.



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