FTX Founder Reportedly Received Special Treatment in Jail
- FTX founder Sam Bankman-Fried had enjoyed special treatment at Fox Hill Prison in Nassau, the Bahamas.
- The jail is known for its harsh conditions like overcrowding, poor sanitation, and inadequate access to medical care.
- SBF spent the day watching TV and reading news articles about himself, revealed prison guards.
- Bankman-Fried was made to sleep in a cot in the sick bay and there were only four other men with him.
- SBF has also been granted a bail bond worth $250 million and will be required to wear an electronic monitoring bracelet.
The collapse of a former multi-billion dollar crypto exchange had effected many crypto firms as well as investors in the crypto space. The implosion of FTX also attracted the much needed attention of regulators in the US and around the world as well. As a result, the founder and former CEO of the exchange, Sam Bankman-Fried, also known as SBF in the crypto space, was taken into custody on the request of the US authorities.
The former crypto billionaire was arrested by the Royal Bahamas Police Force and was charged with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering. The founder of FTX was then placed behind bars and denied bail by the Bahamian authorities.
During his time in the Fox Hill Prison in Nassau, Bahamas, SBF was given special treatment, as per a report from Bloomberg. The jail is known for its harsh conditions like overcrowding, poor sanitation, and inadequate access to medical care, but it seems that the former crypto billionaire had spent a good time at the place.
The report claims that the former FTX executive was held in the sickbay, where he had access to a toilet, running water, a TV, local newspapers, crossword puzzles, and many other perks, including vegan food. These types of services are unheard of by the inmates, and it seems that SBF was in for a good time at the place. Interestingly, prison guards who would prefer to remain anonymous revealed that SBF spent the day watching TV and reading news articles about himself.
It was further revealed that SBF was made to sleep in a cot in the sick bay, and there were only four other men with him. On the other hand, the other inmates in Fox Hill are known to live under extremely poor conditions. There are reports stating that the cells are rat infested and prisoners are made to sleep on the floor using makeshift cards. Cases of physical abuse have also been reported.
As per the report, the “maximum-security cells for men measured approximately six feet by 10 feet and held up to six persons with no mattresses or toilet facilities.” However, it seems that things were not that bad for Bankman-Fried, who was once worth more than $26 billion at the height of the popularity of his crypto exchange, FTX.
The conditions at Fox Hill were described as:
“Inmates removed human waste by bucket. Prisoners complained of the lack of beds and bedding. Some inmates developed bedsores from lying on bare ground. Sanitation was a general problem, and cells were infested with rats, maggots, and insects.”
FTX Founder Granted Bail
After filing for bail in the Bahamas and being rejected, the FTX founder was extradited to the US, where he was granted a bail bond, but the price was put at a whopping $250 million. The bond was secured by equity in his family home and by the signatures of his parents and two other individuals with “considerable” assets.
Additionally, SBF would also be required to wear an electronic monitoring bracelet, submit to mental health counseling, and restrict himself from traveling within and between the Northern District of California and the Southern and Eastern Districts of New York.