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Community slams NYT for its latest ‘sympathy piece’ on FTX’s Bankman-Fried

December 27, 2022 Coin Telegraph

bahamain

The article bizarrely contrasts the alleged fraud carried out by Sam Bankman-Fried with gang violence on the Bahamian island of New Providence.

The online community including some cryptocurrency figures has condemned the latest so-called “sympathy” article from The New York Times written about FTX founder Sam Bankman-Fried.

In the Dec. 26 article published titled "In the Bahamas, a Lingering Sympathy for Sam Bankman-Fried," New York Times journalist Rob Copeland quotes local Bahamians who appeared to have mostly positive things to say about the cryptocurrency exchange founder.

One resident opined he had a “good heart,” with another local saying they “feel bad for him.” A resident interviewed for the article even said it “doesn't make any sense” that Bankman-Fried’s alleged crimes landed him in prison.

The article suggests that the glowing reviews of Bankman-Fried by locals stem from his millions of dollars in donations to local charities, churches and government entities, including the police. The FTX founder's plans to build a hotel and FTX's head office there were considered another positive by locals.

Cryptonator, a self-described “crypto-degen,” said Bankman-Fried “did it like Pablo Escobar” with regard to his donations to local charities and the government. Escobar, a notorious Columbian narcoterrorist and drug lord, spent millions of dollars building infrastructure and donating to charity in an attempt to garner favor with locals.

SBF did it like Pablo Escobar:

'[...] donated millions of dollars to a dizzying collection of Bahamian charities, churches and government entities — including the local police.'

And according to this NYT article, it worked:

'I think he had a good heart'https://t.co/4bQe7EZdsV pic.twitter.com/lRqHh3ILOh
— CR1337 (@cryptonator1337) December 27, 2022

Only one person interviewed for the article appeared negative about the billions of dollars of alleged fraud by the FTX founder, which included stealing customer funds, saying it gave them a “negative outlook on crypto.”

“Why would you publish this” one Twitter user asked; “this is embarrassing,” another wrote.

“Gotta respect the NYT for doubling down,” one user tweeted in reference to a Nov. 14 New York Times article that was also slammed by the crypto community as a “puff piece.”

Perhaps one of the most egregious parts of the article was a section where it calls Bankman-Fried’s years-long alleged fraud “troublesome” but “hardly comparable to the gang violence” on the island of New Providence.

Olayemi Olurin, a native Bahamian and New York public defender, posted a video to Twitter blasting the article, saying:

“The lengths they will go to try to prop up this white collar criminal and they immediately start trying to criminalize a black nation [with gang violence]. The Bahamas is not some gang violence-ridden country get the fuck out of here.”

“Bahamians do not give a fuck about that man,” she added.

Others in the crypto community came forward to criticize the piece.

Crypto newsletter founder Alex Valaitis said he “can’t believe your joke of an organization continues to try to publish puff pieces on the biggest fraud since Madoff.” Bernie Madoff was found guilty of running the largest Ponzi scheme to date to the tune of nearly $65 billion.

Can’t believe your joke of an organization continues to try to publish puff pieces on the biggest fraud since Madoff…

Actually, I can believe it.

I will enjoy watching your continued decline.
— Alex Valaitis (@alex_valaitis) December 26, 2022

Podcast host Scott Melker said the article was “astoundingly absurd and inappropriate” and likened The New York Times to United States tabloid newspaper the National Enquirer.

Astoundingly absurd and inappropriate.

The New York Times has become the National Inquirer. https://t.co/YNwt0XhfeE
— The Wolf Of All Streets (@scottmelker) December 27, 2022

Bankman-Fried was arrested on Dec. 12 on multiple charges relating to wire fraud and money laundering. He was extradited to the U.S. on Dec. 21 and is currently out on bail after his parents posted their Palo Alto home as collateral for the $250 million bond.

SBF signs extradition papers, set to return to face charges in the US

December 21, 2022 Coin Telegraph

bahamas

The FTX founder has reportedly signed on the dotted line, bringing him a step closer to returning to US soil.

Sam Bankman-Fried, the jailed founder of the FTX cryptocurrency exchange has reportedly signed papers on Dec. 20 waiving his extradition hearing in the Bahamasand see him flown to the United States to face multiple criminal charges.

A hearing in the Bahamas Supreme Court was set for Dec. 21 regarding the matter. Bankman-Fried reportedly wanted to see the indictment against him before he agreed to extradition to the U.S. and was expected to drop his extradition fight according to reports on Dec. 19.

ABC News first reported the development on Dec. 20 citing the Bahamas acting commissioner of corrections Doan Cleare.

Cointelegraph contacted the acting commissioner’s office for confirmation but did not immediately receive a response.

With the papers signed, Bankman-Fried should be permitted to transit to New York where he faces eight counts in an indictment from the U.S. Attorney for the Southern District of New York.

He faces charges from the Department of Justice relating to wire fraud, conspiracy to commit money laundering, conspiracy to commit wire, commodities and securities fraud, and campaign finance violations.

The FTX founder faces further charges relating to commodity law violations and defrauding investors from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) respectively.

The charges carry a maximum sentence of 115 years in prison if convicted of all counts.

Not in hospital

Meanwhile, a Dec. 20 Instagram post from local media outlet Bahamas Press claiming Bankman-Fried was “rushed” to hospital from prison had made the rounds on social media, but was later debunked.

New York Times financial reporter Rob Copeland tweeted soon after that he spoke to the head of the prison who said the exchange founder was eating lunch in the medical bay and that the rumor was false.

There are reports that @SBF_FTX was rushed from his Bahamian prison to the hospital.

These are false, the head of the prison tells me. As a few moments ago, Sam was eating lunch. He is still there in the medical bay where he has been held in a single room with four roommates.
— Rob Copeland (@realrobcopeland) December 20, 2022

Soon after, Bahamas Press posted an update saying its sources were now reporting the claim was untrue.

SBF reportedly files new bail application in the Bahamas Supreme Court

December 16, 2022 Coin Telegraph

application

Bahamas media reports that Sam Bankman-Fried lodged a new bid for bail just two days after a judge denied his previous application and called the FTX founder a flight risk.

Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX has reportedly filed a new application for bail in the Bahamas Supreme Court following his previous unsuccessful bail bid.

Local media on Dec. 15 reported the founder submitted the application and that it would be heard before the court in just over one month's time on Jan. 17, 2023. However it did not cite any sources.

Previously, on Dec. 13, Bankman-Fried’s lawyers had argued for him to be let out on bail set at $250,000 as he had no prior convictions and was suffering from depression and insomnia. The presiding judge denied bail calling the crypto executive a flight risk.

Bankman-Fried is remanded at Fox Hill Prison, the only jail in the Bahamas. A 2021 United States State Department report said conditions at Fox Hill were “harsh” and overcrowded with poor medical care, sanitation and nutrition. Correctional officers were alleged to physically abuse detainees.

Extradition to the U.S. is on the cards as the Bahamian government has said it will “promptly” process any extradition request as the exchange founder faces eight charges including money laundering, wire fraud, and securities fraud.

The slew of charges could see Bankman-Fried land in jail for 115 years, but legal commentators have told Cointelegraph there is a "lot to play out" saying the case could take years until it's resolved.