Sam Bankman-Fried has again said that he is not guilty. He has been charged with more than eight criminal violations and now he may face a punishment of 115 years in Jail.
Sam Bankman-Fried was taken into custody by the Royal Bahamas Police Force and is likely to stay there until February, after his application for bail was denied in Bahamian court. A second application for bail has been reportedly filed by SBF in the Supreme Court of the Bahamas.

His arrest came after the United States government officially filed criminal charges against him — including eight counts of fraud. If convicted, Bankman-Fried could face 115 years in jail, but legal commentators have claimed that there is a “lot to play out” in the case. The domino effect resulting from FTX’s meltdown has also impacted the professional lives of Bankman-Fried’s parents, resulting in their courses at Stanford Law School being canceled.
In other recent developments regarding FTX, a class-action lawsuit against Silvergate Bank was filed in California, aiming to hold the bank accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda Research.
The United States Attorney’s Office for the Southern District of New York has formed the FTX Task Force to “trace and recover” missing customer funds and handle investigations and prosecutions related to the exchange’s collapse. The team comprises senior prosecutors from its securities and commodities fraud, public corruption, money laundering and transnational crime enterprise units.
The Departure of Justice is reportedly seizing 56 million shares of Robinhood — worth roughly $468 million — tied to FTX and its former CEO. The report comes a day after a judge in the criminal case against SBF ordered him not to access or transfer any cryptocurrency or assets from FTX or Alameda Research.

Ex-Roommate wants to cut deal with FTX Probe
Nishad Singh met with prosecutors at the Southern District of New York US Attorney’s Office last week according to people familiar with the matter.
Singh, who was the crypto exchange’s director of engineering at the time of its collapse, met the authorities in a so-called “proffer session”, the report said. In these sessions, individuals are usually offered limited immunity to encourage them to speak freely to prosecutors. He has not been accused of any wrongdoing.
If a deal is made, Singh would become the third Bankman-Fried ally to agree to co-operate in US authorities’ ongoing investigation into FTX. Singh could give possible insight into the campaign finances of FTX. He himself is a huge donor for Democrats’ election campaigns. Since 2020, he has donated over 9 million USD to the Democratic Party, out of which 8 million USD was given in 2022. Mind The Gap, a political action committee, founded by SBF’s mother, Barbara Fried, received a 1 million USD donation in the year 2022