Sam Bankman-Fried’s parents were at his hearing in the Bahamas, and his mother laughed during the proceedings, according to the report

Sam Bankman-Fried’s parents reportedly attended their son’s hearing in the Bahamas after his arrest, according to news site CoinDesk.Getty Images

  • Sam Bankman-Fried’s parents reportedly attended their son’s hearing in the Bahamas after his arrest.

  • Bankman-Fried faces extradition to the United States, where prosecutors have uncovered criminal charges.

  • His mother “laughed several times” when he was called a “fugitive”, CoinDesk reported.

Sam Bankman-Fried appeared at a hearing in the Bahamas on Tuesday with his parents present, according to multiple reports, including from The New York Times and cryptocurrency site CoinDesk.

During the hearing, which largely focused on whether Bankman-Fried would be released on bail, the former FTX CEO indicated that he was not waiving his right to challenge his extradition to the United States. United, according to the CoinDesk report. The site, which reported live from Nassau, Bahamas, announced in early November the financial ties between FTX and Bankman-Fried’s trading firm, Alameda Research.

During the proceedings, Bankman-Fried’s mother, Barbara Fried, laughed when her son was called a “fugitive,” according to the CoinDesk report, which described his parents as showing both “dejection and of challenge”. She also “clenched her jaw and chewed on her eyeglass frames,” according to the Times.

Her father, Joseph Bankman, “sometimes put his fingers in his ears as if to drown out the sound of the proceedings,” according to CoinDesk.

After the hearing, which ended with Bankman-Fried being denied bail, both parents gave him a hug, according to the Times.

Both Fried and Bankman are on the faculty of Stanford Law School and remain in the Bahamas with their son.

Bankman-Fried’s family received payments from FTX, according to current FTX CEO John J Ray III, who testified before Congress on Tuesday.

The hearing came after the former FTX CEO was arrested on Monday at the request of federal prosecutors in New York. If he is extradited to the United States, he may be formally notified of the criminal charges against him.

A grand jury indictment against Bankman-Fried was released on Tuesday, listing counts of fraud and conspiracy, including conspiracy to violate campaign finance laws.

Prosecutors clarified some of the charges at a press conference later in the day, referring to “tens of millions of dollars in illegal campaign contributions” to candidates from both major political parties in the United States.

“These contributions were disguised to look like they came from wealthy co-conspirators when in fact the contributions were funded by Alameda Research with money stolen from clients,” said Damian Williams, United States Attorney for the Southern District of New York. conference.

“And all that dirty money was used in service of Bankman-Fried’s desire to buy bipartisan influence and impact the direction of public policy in Washington,” he said.

Read the original article on Business Insider

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