The co-founder and former CEO at failed crypto alternate FTX, Sam Bankman-Fried (SBF), was taken into custody by Bahamian authorities. Based on latest stories, SBF was taken to one of many worst prisons on this planet, referred to as Fox Hill.
The correctional facility has a popularity for its lack of hygiene, excessive danger of contracting ailments, rodent infestations, violence, and extra. The previous FTX CEO was arrested for his alleged participation within the downfall of his firm. Clients lose billions in deposits.
Sam Bankman-Fried might resist 115 years in jail if he’s convicted on all eight prices filed by the Division of Justice on Tuesday. (Bloomberg)
— Tiffany Fong (@TiffanyFong_) December 14, 2022
FTX Founder Might Spend Life In High 5 Worst Prisons Worldwide
Bitcoinist reported that SBF was introduced in entrance of a Bahamas courtroom yesterday. The previous FTX CEO was accused of two counts of wire fraud, two counts of wire fraud conspiracy, and one rely of cash laundering.
In whole, Bankman-Fried could possibly be sentenced to over 100 years in jail if discovered responsible. The crypto alternate founder is awaiting extradition to america. He’ll spend the whole thing of this course of within the Fox Hill jail after a neighborhood decide denied bail.
Along with the issues talked about above, Fox Hill is notorious for mixing its inmate inhabitants; youngsters and grownup prisoners stay collectively in overcrowded cells. Based on a report from the Each day Mail, the jail was created to carry round 1,200 inmates, but it surely homes double or extra this quantity.
Further knowledge from the Each day Mail by way of an Amnesty Worldwide research claims that violence in Fox Hill is horrible sufficient for prisoners to keep away from leaving their overcrowded cells. This example prevents them from taking baths and worsens their residing circumstances. The report added:
A US State Division research on the jail discovered that it was infested with rats and maggots whereas on account of low employees numbers, the inmates have been solely allowed out of their cells for half-hour every week.
SBF’s Future And The Human Want For Vengeance
FTX is within the technique of investigating and recovering property to make its purchasers entire. John Ray III is main this course of as the brand new firm CEO. As Bitcoinist additionally reported, Ray’s precedence is to mitigate buyer losses.
This process, Ray confessed in entrance of the U.S. Home of Representatives Monetary Providers Committee, is not possible. The CEO believes some FTX customers gained’t get well their funds. Ray said: “On the finish of the day, we’re not going to have the ability to get well all of the losses right here.”
Within the meantime, the Bahamian courtroom ordered Bankman-Fried to seem once more on February eighth. The extradition course of and chapter course of might take years. FTX clients have been probably the most affected. Talking about SBF’s present state of affairs, a person stated:
I misplaced 7 figures on FTX and have associates who misplaced much more. SBF destroyed lives and set again our business with unbelievable ranges of fraud and negligence. However, can’t assist however really feel unhappy to see him go to jail, particularly in these circumstances. Punishment serves a social goal as a deterrent to others from committing the crime. Perhaps it additionally satisfies our human want for vengeance It does little or no to reform the perpetrator and nothing to make victims entire. Simply unhappy.
On the time of writing, Bitcoin trades at $18,000 with a 2% revenue on the day by day chart.
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