SBF Will Remain in Custody Until February 8: Report

Sam Bankman-Fried (SBF), the disgraced founder of bankrupt crypto exchange FTX has been denied bail by a Bahamian magistrate judge and will be remanded into custody in the Bahamas until February 8, 2023, according to a CNBC report on Wednesday.

The accused will remain in HMP Fox Hill prison until an extradition hearing on the aforementioned date.

SBF Denied Bail

Before the judge’s decision, SBF lawyers requested his release on a $250,000 bail with an ankle monitor because he needed to take his medications regularly and maintain his vegan diet. SBF is said to be taking Zyrtec regularly for his allergies.

The former FTX founder also told the judge that he uses 10 mg of Adderall every four hours and takes Emsam patches for depression.

The judge, however, declined SBF’s lawyer’s request, citing flight risk, and also argued that his bail will violate a treaty with the United States. According to the Judge, the treaty required defendants to be held in custody until an extradition hearing.

The disgraced founder told the judge that he would not waive his right to an extradition hearing and that he hopes to remain in the Bahamas.

SBF was arrested on Monday by Bahamian authorities at the request of the United States government, based on a sealed indictment filed by the United States Attorney for the Southern District of New York. 

SBF Charged With 8 Criminal Counts 

The document was unsealed on Tuesday and contained eight counts, including conspiracy and wire fraud, for misusing customers’ funds before the collapse of his crypto empire. SBF could reportedly face about 115 years in prison if convicted of all charges.

His arrest came just a day before he was due to testify before the Financial Services Committee of the U.S. House of Representatives over the collapse of FTX. The timing of his arrest has been met with criticism from lawmakers.

Meanwhile, SBF is also facing fraud-related charges from several United States regulators, including the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).