🏡 In Da House

You know it’s bad when you end up in the Daily Mail, and Sam Bankman-Fried has been a regular feature in recent weeks. And while SBF landed himself in the jailhouse, 1500km away John Ray was testifying in another house:

• SBF’s lawyers asked for bail to be set at $250,000, but this was swiftly denied. The case judge considered him to be too much of a flight risk.
• He will now spend Christmas at Fox Hill Prison on the island until his next court appearance on February 8th.
• His lawyers had protested jail time saying he was vegan and depressed. After his parents collected his medications he was sent to the medical department at the prison.
• An extradition expert commented to Reuters that time in an overseas prison often made inmates willing to be sent home.
• Meanwhile, in Washington, John Ray III was summarising what he had found. This includes misuse of more than $7 billion in customer funds, and that over $1 billion had been recovered so far.
• Forbes obtained a copy of the transcript that SBF was planning to present to congress. Besides apologising, he stressed how he’d been denied access to FTX data that would have helped him testify more fully.

The U.S. Justice department published the charges yesterday and have not ruled out charging other co-conspirators.