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According to Reuters, Sam Bankman-Fried was refused bail Tuesday by a Bahamian judge who deemed him a flight threat.
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A hearing for extradition is set for February 8,
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After US prosecutors informed the Bahamas that total criminal charges were expected to be brought against the disgraced crypto darling, Bankman-Fried was taken into custody in the Bahamas Monday evening.
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Prosecutors at the Justice Department's Southern District of New York indicted Bankman-Fried Tuesday with eight counts of fraud.
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This includes lying to investors and violating US Campaign Finance Law.
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Bankman-Fried made his first public appearance since November's FTX collapse on Tuesday.
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SBF's lawyers negotiated for his release on bail of $250,000
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After a lengthy hearing at the House Financial Services Committee, where lawmakers questioned John J. Ray III, current CEO of FTX, over the collapse of the exchange, the court denied bail.
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SBF was scheduled to testify in front of lawmakers before his arrest on Monday.
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According to The Wall Street Journal's comments, SBF offered an apology for the implosion and also blamed Ray and Binance, a rival cryptocurrency exchange.
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