Sam Bankman-Fried, the jailed founding father of bankrupt cryptocurrency trade FTX, has reportedly filed a brand new software for bail within the Bahamas Supreme Court docket following his earlier unsuccessful bid for launch.
Native media on Dec. 15 reported that the founder submitted the applying and that it could be heard earlier than the courtroom in simply over one month’s time, on Jan. 17. Nonetheless the report didn’t cite any sources.
Beforehand, on Dec. 13, Bankman-Fried’s attorneys had argued for him to be let loose on bail set at $250,000 as he had no prior convictions and was affected by despair and insomnia. The presiding decide denied bail, calling the crypto government a flight danger.
Bankman-Fried is remanded at Fox Hill Jail, the one jail within the Bahamas. A 2021 U.S. State Division report mentioned circumstances at Fox Hill had been “harsh” and overcrowded with poor medical care, sanitation and vitamin. Correctional officers had been alleged to bodily abuse detainees.
Associated: FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried
Extradition to the U.S. is on the playing cards because the Bahamian authorities has mentioned it’ll “promptly” course of any request. The FTX founder faces eight U.S. costs, together with cash laundering, wire fraud, and securities fraud.
The slew of costs may see Bankman-Fried land in jail for 115 years, however authorized commentators have informed Cointelegraph there’s a “lot to play out,” saying the case may take years to resolve.