Lawyers for Sam Bankman-Fried are negotiating with federal prosecutors in New York on a bail arrangement that would enable him to avoid detention, people familiar with the matter told CNN
FTX crypto exchange founder Bankman-Fried, who oversaw his now-bankrupt crypto empire from a luxury compound in the Bahamas, is expected to return as early as Wednesday to the United States. Federal prosecutors in the US have charged him with orchestrating “one of the biggest financial frauds in American history.” Once the 30-year-old is in the US, Bankman-Fried will appear before a judge in Manhattan for a bail hearing.
The MDC is a pre-trial holding facility that former inmates and rights advocates have described as inhumane, citing frequent lockdowns, overcrowding and power outages that have left it without heat in the middle of winter. Facing life in prison Federal prosecutors last week charged Bankman-Fried with defrauding investors and customers of FTX, which he founded in 2019. If convicted on all eight charges of fraud and conspiracy, he could face life in prison.
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