Crypto News

A judge in the Bahamas refuses to grant bail to Sam Bankman-Fried

Sam-Bankman founder of FTX

A judge in the Bahamas refused to grant bail to Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, on December 12, following an indictment by US prosecutors that included eight counts.

His legal team proposed a $250,000 bail, to no avail, as the Bahamas prosecutors pointed to a treaty with the US requiring that defendants be detained pending extradition proceedings.

A hearing to consider extradition has been set for February 8. The US Department of Justice, the SEC, and the CFTC have also filed lawsuits against Bankman-Fried over purported securities and commodities fraud.

The Bahamas government is carrying out both civil and criminal investigations.


Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.