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The 2022 royal visit had a wealthy crypto backer. Four years later, the public is still asking what King Charles’ visit will cost.

When Prince William and Kate visited the Bahamas in March 2022, the royal spectacle came with a reported $636,194 government budget. But behind the scenes, another source of money helped support the occasion, Sam Bankman-Fried, the then-billionaire founder of cryptocurrency exchange FTX whose headquarters was in the Bahamas.

FTX reportedly paid for the ballroom used for the royal reception. Bankman-Fried’s financial support for the event was not publicly disclosed at the time. His role offers a revealing backdrop to the renewed questions about who pays when royalty comes to the Bahamas.

Later in 2022, Bankman-Fried’s crypto empire collapsed, and he was arrested on fraud charges. His downfall transformed the image of a wealthy benefactor whose money had flowed into events and causes associated with the governing Progressive Liberal Party.

Now, with King Charles III visiting the Bahamas in October 2026, the question of royal spending has returned. But there is no Bankman-Fried to help underwrite the occasion.

Prime Minister Philip Davis appeared caught off guard when asked about the cost of the King’s visit on Wednesday.

“The dollar figure? I don’t know anything about that,” Davis said, before questioning why the reporter wanted to raise the issue and walking away.

Foreign Affairs Minister Fred Mitchell took a more defensive approach, insisting that the spending was justified.

“This is the king of the Bahamas who’s coming, so the spending is appropriate for that visit, and it’ll not break the bank,” Mitchell said.

Yet Mitchell could not provide a total cost or say whether the expenses had been itemised. Finance Minister Michael Halkitis had previously said agencies were still calculating the government’s contribution, with costs expected to be shared with the Sovereign Grant.

In 2022, the government eventually published a breakdown of its $636,194 budget. For the 2026 visit, the final public cost remains unclear.

The issue is whether the public should have to wait until after the pageantry to learn how much was spent, who contributed and what taxpayers ultimately paid.

Bankman-Fried’s role in the earlier visit also raises questions about the influence of private wealth in public affairs, particularly when donations and sponsorships are not publicly disclosed.

Royal visits may be ceremonial, but the money behind them is a matter of public accountability. The public deserves to see the numbers.

Disgraced billionaire FTX founder known as a ‘crypto genius’ before his fall from grace, was sentenced to 25 years in prison, culminating more than one year of trial since the collapse of the cryptocurrency exchange at the hands of fraud. He was accused of stealing 8 billion dollars in customer funds.

U.S. District Judge Lewis Kaplan handed down the sentence in a Manhattan court hearing. “He knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”

Why it matters

He was found guilty in November of fraud and money laundering charges. But his defense advocated for a sentence of five to seven years.

Judge Kaplan chose a harsher sentence of 25 years, chiding Bankman-Fried’s “apparent lack of any remorse,” and the massive loss to customers.

The big picture

FTX, Bankman Fried’s cryptocurrency exchange, was based in the Bahamas, and world leaders and A-list celebrities endorsed his billion-dollar crypto exchange. Over one million customers lost $8 billion when it was discovered he channeled customer funds in a hedge fund called Alameda Research, and could not recoup customers’ lost investment.

Bankman-Fried dispersed his altruism with monetary donations to charities throughout the Bahamas and donated to some politicians in the Bahamas and USA alike, hoping to persuade crypto legislature in his favor.

After the collapse of the empire in what prosecutors have called one of the biggest financial frauds in U.S. history, he was arrested and held at the Bahamas Department of Corrections, fighting extradition but later surrendered to the US to face charges.

What Bankman-Fried says

Bankman-Fried, in a beige short-sleeve jail T-shirt, apologized to his former FTX colleagues, however he did not admit any criminal wrongdoing.

He vows to appeal the sentence.

Disgraced FTX Founder Sam Bankman-Fried who moved his multi-million dollar crypto empire to the Bahamas in 2021, is on a third night at Metropolitan Detention Center in Brooklyn after he violated his bail order.

The 31-year-old who adopted the Bahamas as his home, courting government officials before his empire imploded and was extradited to face fraud charges in the United States, tampered with witnesses ahead of his October trial according to Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York.

“My conclusion is there is probable cause to believe the defendant has attempted to tamper with witnesses on at least two… there is a rebuttable presumption that there is no set of conditions that will ensure Bankman-Fried will not be a danger.

“He has gone up to the line over and over again, and I am going to revoke bail,” Judge Kaplan said on Friday.

Since his extradition, Bankman-Fried was on bail and confined to his parent’s $4 million Palo Alto home.

What happened?

Prosecutors said, Bankman-Fried reached out to former FTX.US General Counsel Ryne Miller and used a virtual private network to watch the Super Bowl. Also, he shared part of his associate’s Alameda Research CEO Caroline Ellison’s private diary with the New York Times in an attempt to intimate her since she is a major witness for the prosecution in the case.

While on bail, prosecutors said he’s had conversations with author Michael Lewis, who is writing a book about FTX that is set for publication the week the trial begins.

After the judge’s order, Bankman-Fried was instructed to remove his navy suit jacket as two US marshalls prepared to handcuff him. His mother, Barbara Fried, attempted to approach him but was warned to stand back by a court officer and was expected to be taken to the Metropolitan Detention Center in Brooklyn.

The big story

After moving his exchange from Hong Kong to the Bahamas, Bankman-Fried flooded the Bahamas with money and donations. A little more than one year later, the millions of dollars disappeared from his exchange and it collapsed. He filed for bankruptcy.

Bankman-Fried’s trial is set for October as he faces charges of wire fraud, commodities fraud, securities fraud, money laundering and related conspiracy charges.

The industry titan courted by politicians and celebrities is now a criminal defendant facing years in prison.

Bankman-Fried’s lawyer said in court, he was protecting his reputation and intended to appeal.

Embattled crypto-knight Sam Bankman-Fried is reportedly facing a security risk after three men drove into a metal barricade outside of his home in California, his lawyers filed in a Manhattan federal court.

“You won’t be able to keep us out,” the unidentified men said to a security guard as they got back in the vehicle and drove away.

Christian Everdell from New York law firm Cohen & Gresser said the 30-year-old disgraced one-time billionaire and his parents are targets of “actual efforts to cause harm to them,” requesting that US District Judge Lewis Kaplan reject the notion to unseal documents revealing the guarantors of Bankman-Fried’s $250,000,000 bail.

The men have not been identified neither did his lawyers reveal when the incident occurred but only said “recent.”

The scare comes after customers of the fallen crypto exchange and bankrupt FTX, demand billions of dollars allegedly defrauded by Bankman-Fried. At last court hearing, it was revealed a million customers were affected and many lost their life savings.

Bankman-Fried lives in the home with his parents Joseph Bankman and Barbara Fried since December when he was extradited from the Bahamas to New York, where he was released on bail when his parents put up their 1.8 million dollar home as equity.

The 30-year-old was accused of his involvement in some shady dealings of funneling billions of dollars to his sister company Alameda Research.

He pleaded not guilty and returns to court in October to face trial.

Though FTX Founder Sam Bankman-Fried was unable to get bail in the Bahamas, he secured a hefty $250 million bail in New York, which was described as “the largest-ever pretrial bond.”

When he went to court last week in the Bahamas, a judge feared he could flee the country and denied him bail as he was ordered to jail at the Bahamas Department of Corrections. But when he was extradited to New York, a US judge easily granted him bail, which was surprising considering the billions of dollars lost on his platform and the alleged funneling of money from FTX to his sister company.

The former billionaire previously stated in a media interview that he only had $100,000 left in his bank account after filing bankruptcy on his $32 billion crypto exchange, FTX. So when he was released on a $250 million bond, many were surprised.

What are the terms of Sam Bankman-Fried’s bail?

• Judge Gabriel Gorenstein said Bankman-Fried would be released to his parents’ home in California with “strict” supervision.
• He was released on a ‘recognizance bail’ which means he signed a commitment to return to court on Jan 3, when he will enter his plea of ‘guilty’ or ‘not guilty’ and be arraigned.
• The ‘personal recognizance bond’ is based on Bankman-Fried’s promise with his parents’ promise to pay $250 million if he fails to show up for court.
• His parent’s home, reportedly worth $4 million, was put up as equity, with their signatures along with two other people with “considerable” assets.
• Bankman-Fried wears an electronic monitoring bracelet.
• He must submit to mental health counseling.
• The 30-year-old can only travel within and between the Northern District of California and the Southern and Eastern Districts of New York.
• He can not open any new lines of credit of more than $1,000 while awaiting trial.

Unprecedented

Bankman-Fried did not have to pay any cash, but a simple commitment made him a free man. Typically, defendants on bond are charged 10-15 percent of the bail in cash or must commit to collateral in the full amount of the bond and if he or she fails to show up to court, the pledged collateral is forfeited.

Photo credit: Epoch Times

Former crypto-darling and billionaire Sam Bankman-Fried left the Bahamas on Wednesday around 8 pm, bound for the United States to face fraud charges in a New York court.

The extradition was the conclusion of his stay in the Bahamas since establishing his multibillion-dollar crypto headquarters in the Bahamas. And it marks the end of a tumultuous week since his arrest last Monday.

He intended to fight the extradition but eventually reversed the decision which landed him at Odyssey Aviation where he was carried by US Marshalls to New York, where he is detained.

He is represented by high-profile lawyer Mark Cohen who could apply for bail. It remains to be seen if it will be granted.

Bankman-Fried’s handover at Odyssey Aviation, Bahamas

Bankman-Fried’s arrival in New York, USA

Photo credit: The Royal Bahamas Police Force and Fox News

After former FTX Founder Sam Bankman-Fried signed extradition papers to face criminal charges in the United States, he will be handed over to US Marshalls.

The Bahamas judge Shaka Serville has approved all of the legal requirements for the extradition and was satisfied that Bankman-Fried was not “forced, coerced or threatened” into making the decision.

The 30-year-old  will be handcuffed and placed on board a plane with an escort from the FBI and the United States Marshals Service which have already arrived in the Bahamas. They will then carry him to La Guardia or JFK Airport.

He will either go to the federal detention facility or a Manhattan courtroom in the Southern District of New York. If he is sent to court, there will be an initial hearing and arraignment before a judge and he will enter a plea to the 8 charges against him.

Following a tumultuous week since his arrest in the Bahamas,  he is expected to arrive in the United States on Wednesday evening and will contest allegations that he funneled billions of dollars from his fallen exchange FTX, to his trading fund company, Alameda Research.

“Yes, I do wish to waive my right to such formal extradition proceedings,” he told the court on Wednesday morning.

His defense lawyer Jerone Roberts said his client was “anxious to leave” the Bahamas and requested that the “rule of specialty” be imposed which based on the Bahamas and US extradition treaty, states that a person can only be tried on the charges for which they are extradited.

Photo credit: Reuters

Former FTX CEO Sam Bankman-Fried will be extradited to the United States following a back-and-forth in Bahamian courts.

The now disgraced crypto knight who has become known as the mastermind behind one of the biggest financial schemes had planned to fight the extradition, then apparently folded. But when he appeared in court, his lawyer and the prosecutor seemed shocked to learn about the decision. Bankman was carried back to prison but returned a short time later, agreeing to face a US court.

Bankman-Fried’s lawyer Jerone Roberts said the fallen crypto king “wishes to put the customers right and that is what has driven his decision to be voluntarily extradited to the United States.”

Bankman-Fried would have to sign an extradition paper as he prepares to be handcuffed, placed on board a plane with an escort from the US Marshals Service, carried to La Guardia or JFK Airport, and sent to the Southern District of New York courthouse.

Bankman-Fried is expected to appear in Bahamian court again on Tuesday morning to complete the extradition process.

He was arrested by Bahamian authorities last week Monday around 6 pm at the request of the US government, and spent a week in Bahamian prison after he was denied bail.

Prime Minister Philip Davis who became an acquaintance of Bankman-Fried said at the time of his arrest, “The Bahamas and the United States have shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

He is wanted in New York for eight criminal charges– conspiracy, fraud, money laundering and violation of the fiance law, and could be sentenced to 115 years in prison. And more could be pending. All of this comes after the implosion of his 32-billion-dollar crypto empire and revelations that he diverted customer monies to his trading company, Alameda Research.

The 30-year-old crypto darling who has permanent residency in the Bahamas was in the country since 2021 when he moved the exchange from Hong Kong, China.

His high-profile attorney Mark Cohen represents him as he attempts to beat the charges.

Photo credit: Reuters

Sam Bankman Fried, former FTX CEO was sent back to prison today after some apparent confusion at his court hearing. It was expected that he would appear in the Bahamas court today to be extradited to the United States. However, when he arrived, no one seemed to know that he was coming.

The Daily Mail reported that the 30-year-old tapped his foot nervously and clenched and unclenched his hands before the judge arrived.

After the judge’s arrival, his lawyer Jeron Roberts told the court, “I did not request him to be here this morning.”

It is reported that Prosecutor Frankly Williams seemed surprised too, stating that the government of the Bahamas neither the government of the United States knew that Bankman-Fried would appear before a judge today.

“We are here for a certain purpose,” he said, then asked if Bankman-Fried can “tell us why he is here.”

The court was adjourned for 45 minutes for Roberts to speak with Bankman-Fried on the sidelines.

After the adjournment, Bankman-Fried was sent back to the Bahamas Department of Corrections, and no final decision was made regarding his extradition.

Sources familiar with the matter said over the weekend, that the fallen crypto genius would appear in court on Monday to willfully return to the US after a short stint at the correctional facility.

His extradition to the US means he could be sentenced to an estimated 115 years in prison. US prosecutors accused him of “one of the biggest financial frauds in US history.”

Bankman-Fried was initially expected to return to court for a bail hearing on January 7 and an extradition hearing on February 8.

Photo credit: Reuters

Though prosecutors in the United States have charged former FTX CEO Sam Bankman-Fried with fraud, conspiracy, money laundering, and violations of campaign finance law, the Bahamas has yet to convict the 30-year-old of a single crime.

Bankman-Fried lived in the Bahamas since 2021, after establishing the headquarters of his billion-dollar company in the country after the move from Hong Kong, China. He became a generous donor and was the face of the Bahamas’ future investment in the crypto industry.

The permanent resident was given the approval to set up the exchange here. But the alleged crimes were committed under the noses of the regulatory body, the Securities Commission Bahamas.

Three weeks ago, before the US charges were filed, Attorney General Ryan Pinder in a televised national address announced that the Commission and the Royal Bahamas Police Force were investigating Bankman-Fried’s handling of customer funds in FTX.

From that day to this, no charges have been filed. Neither has it been stated whether or not they found any sign of wrongdoing at the exchange.

However, unsealed court documents in the US, revealed that the former co-CEO at FTX Digital Markets Ryan Salame, tipped off the executive director of the Securities Commission of the Bahamas, Christine Rolle, and informed her that the fallen crypto-knight possibly committed fraud when he funneled billions of dollars from FTX to Alameda Research.

Rolle then alerted Bahamas Police Commissioner Clayton Fernander for an investigation into the matter. Still no word from the Commissions or the police force.

Bankman-Fried was arrested last week Monday in the Bahamas at the request of the US government based on an extradition treaty between the two countries. The US has since provided sufficient evidence that he committed a crime in their country.

Photo credit: Reuters