SBF Files a New Bail Application in the Bahamas Supreme Court
Local media in the Bahamas says that Sam Bankman-Fried (SBF) has made a new request for bail. This comes just 48 hours after a court denied his first request and called him a possible flight risk. Reports say that Sam Bankman-Fried, currently in jail and the founder of the now-defunct cryptocurrency exchange FTX, has sent a new bail request to the Bahamas Supreme Court. This comes after his previous attempt to post bail was denied.
Related: SBF Losses $14B Dropping the Status of Billionaire
Bankman Fried’s Attorney Requested a $250,000 Bail
Local news outlets reported on December 15 that the creator had applied and that the court would hear the case on January 17, 2023, just over a month after the application was sent in. On the other hand, there were no citations of any sources. Even though he had never been convicted of a crime in the past and was suffering from depression and sleeplessness at the time, the attorneys from Bankman Fried’s argued on December 13 for him to be released on bond set at $250,000. This was even though he had never been arrested for a crime before. The court decided that the crypto executive posed an unacceptable danger of fleeing hence the bail request was denied.
Fox Hill Prison is the only correctional facility in the Bahamas, and it is there that Bankman-Fried is now being imprisoned. The conditions at Fox Hill were described as “severe” and “overcrowded” in a report that was published in 2021. The report was prepared by the United States Department of State. The report also indicated that inmates at Fox Hill had inadequate access to medical treatment, sanitation, and food. It was reported that those under the supervision of the prison personnel were subjected to physical abuse.
Many Claims Might Send SBF in Jail for 115 Years, but It Could Take Years to Decide
The person who made the exchange will probably be sent to the U.S. because the Bahamas government has said it will “quickly” carry out any extradition request. At the moment, the creator of the exchange is being looked into for eight crimes. Money laundering, wire fraud, and securities fraud are the most serious of these. The multiple claims may land Bankman-Fried in jail for 115 years. However, legal watchers have said it might take years before the issue is ultimately decided upon.
