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<h2 id="header-0">CoinGabbar yesterday reported that the founder of now-bankrupt crypto exchange FTX, Sam Bankman-Fried, was arrested by Bahamas Authorities for his misconduct.</h2>After his arrest, reports emerged that SBF&#39;s attorney filed a bail application, which included the compensation of $250,000 in cash along with an ankle bracelet. However, the Bahamas Chief Magistrate rejected the bail application, citing the fact that releasing SBF would pose a significant flight risk.The Chief Magistrate of Bahamas Joyann Ferguson-Pratt noted:“The risk of flight is so significant that Samuel Bankman-Fried should be detained. I am not convinced that there is any condition I could place on Samuel Bankman-Fried that would adequately satisfy me, given his access to substantial funds, that he would not and could not abscond.”The Bahamas arrested Bankman-Fried in response to a request from US authorities. Bankman-Fried was charged with multiple charges in a federal criminal indictment released on Tuesday, including wire fraud, money laundering, and campaign finance violations.On Dec 13, the US Securities and Exchange Commission filed <a href="https://www.coingabbar.com/en/crypto-currency-news/sbf-accused-fraud-political-donations-us-sec" rel="noopener noreferrer nofollow">civil charges against Bankman-Fried</a>, alleging that he deceived investors and customers.As per a Reuters report, <a href="https://www.coingabbar.com/en/crypto-currency-news/twitter-floods-with-ftx-memes" rel="noopener noreferrer nofollow">SBF</a> will stay in Bahamian custody until the extradition hearing on February 8 to send him to the United States. However, following his detention, SBF&#39;s attorneys stated that they will resist any plans to extradite him to the United States.What are your thoughts on Sam&#39;s prison sentence? Will he be granted bail after being extradited to the United States? Share your views in the comment section below.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/twitter-floods-with-ftx-memes" rel="noopener noreferrer nofollow">Twitter Floods with FTX Memes</a>

It's a ‘No Bail’ for SBF

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