The co-founder and former CEO at failed crypto change FTX, Sam Bankman-Fried (SBF), was taken into custody by Bahamian authorities. In accordance with latest experiences, SBF was taken to one of many worst prisons on the earth, referred to as Fox Hill.
The correctional facility has a fame for its lack of hygiene, excessive danger of contracting illnesses, rodent infestations, violence, and extra. The previous FTX CEO was arrested for his alleged participation within the downfall of his firm. Prospects lose billions in deposits.
Sam Bankman-Fried might resist 115 years in jail if he’s convicted on all eight fees filed by the Division of Justice on Tuesday. (Bloomberg)
— Tiffany Fong (@TiffanyFong_) December 14, 2022
FTX Founder May Spend Life In Prime 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 complete, Bankman-Fried might be sentenced to over 100 years in jail if discovered responsible. The crypto change founder is awaiting extradition to the USA. 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 dwell collectively in overcrowded cells. In accordance with a report from the Every day Mail, the jail was created to carry round 1,200 inmates, however it homes double or extra this quantity.
Further knowledge from the Every day Mail through an Amnesty Worldwide examine claims that violence in Fox Hill is horrible sufficient for prisoners to keep away from leaving their overcrowded cells. This case prevents them from taking baths and worsens their dwelling situations. The report added:
A US State Division examine on the jail discovered that it was infested with rats and maggots whereas resulting from low employees numbers, the inmates had 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 means of investigating and recovering belongings to make its shoppers 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 activity, Ray confessed in entrance of the U.S. Home of Representatives Monetary Companies Committee, is unattainable. The CEO believes some FTX customers gained’t recuperate their funds. Ray said: “On the finish of the day, we’re not going to have the ability to recuperate 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 had been essentially the most affected. Talking about SBF’s present state of affairs, a person said:
I misplaced 7 figures on FTX and have mates who misplaced much more. SBF destroyed lives and set again our trade with unbelievable ranges of fraud and negligence. Nonetheless, can’t assist however really feel unhappy to see him go to jail, particularly in these situations. Punishment serves a social goal as a deterrent to others from committing the crime. Perhaps it additionally satisfies our human need 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.