He was taken into custody for shooting a man who was accused of molesting a child, known to him.
The fighter's bail hearing was scheduled for earlier today, for the second time after the arrest.
Khabib Nurmagomedov earlier shared a heartfelt message for his fellow fighter ahead of the hearing - "We love you Cain, you are the best."
Many came in support of the former champion.
This is not the first time Khabib has shown support to the old friend.
Khabib was one of the few who came in support of Velasquez when the news of the latter's arrest first broke.