SBF to Remain in a Bahamian Jail for 2 Months, Report Claims FTX Execs Had a Covert Chat Channel Called ‘Wirefraud’ – Bitcoin News

On Tuesday, the former CEO of FTX, Sam Bankman-Fried (SBF), appeared in court with his newly appointed lawyer Mark Cohen, and his legal team asked the Bahamian judge Joyann Ferguson-Pratt to release SBF on bail with an ankle bracelet. Amid the lengthy court hearing reports detail that SBF’s parents Joseph Bankman and Barbara Fried attended the proceedings. Toward the end of the hearing, judge Ferguson-Pratt denied SBF’s request to be released on bail and remanded Bankman-Fried to the Bahamian jail until Feb. 8, 2023.

Bankman-Fried’s Media Tour Comes to an End, AFR Report Claims FTX Insiders Had a Secret Signal Chat Group Called ‘Wirefraud’

During the first week of November, the co-founder of FTX Sam Bankman-Fried’s (SBF) world turned upside down. It all started when Coindesk published an expose on SBF’s quantitative trading firm Alameda Research and the enormous balance of FTT tokens the company held. After the report, FTX and Alameda were under the spotlight and Binance’s CEO Changpeng Zhao (CZ) revealed his exchange would be dumping all of its FTT tokens.

These two events fueled speculation that FTX and Alameda were insolvent and on Nov. 8, 2022, Binance said it would purchase FTX after doing due diligence into the company’s financials. However, the deal never panned out, and at 4:00 p.m. (ET) on Nov. 9, 2022, the world’s largest crypto asset exchange by trade volume announced it would be backing out of purchasing FTX.

At this point in time, all the digital assets from FTX’s coffers were either withdrawn by customers (many of whom were Bahamas natives) or simply disappeared. Two days after Binance backed out of the deal, SBF announced that FTX and Alameda had filed for Chapter 11 bankruptcy protection, alongside roughly 130 associated companies.

SBF also revealed he had stepped down from his position as FTX’s CEO and John J. Ray III took the position in order to deal with the bankruptcy and restructuring process. Since the bankruptcy filing, SBF embarked on a media tour doing a large number of interviews, while a significant amount of troubling evidence was being reported by numerous media publications.

Prior to SBF’s arrest in The Bahamas, a report published by the Australian Financial Review (AFR)