According to Bahamas media, Sam Bankman-Fried filed a second plea for bail barely two days after a court rejected his initial request and described the creator of FTX as a flight risk.
SBF's Request
Sam Bankman-Fried, the imprisoned creator of the insolvent cryptocurrency exchange FTX, is said to have reapplied for bail in the Bahamas Supreme Court (1) after his initial application was denied. On December 15, local media announced that the founder had submitted the application and that the court would hear it on January 17, 2023, a little over a month from then. But it did not refer to any sources.
BREAKING: FTX founder Sam Bankman-Fried has filed a new application for bail before the Supreme Court, Eyewitness News can confirm. The bail application is set to be heard before the Supreme Court on January 17, 2023. pic.twitter.com/92zmlnpocj
— Eyewitness News Bahamas (@ewnewsbahamas) December 15, 2022
The Conditions
FTX UPDATE: SBF leaves Magistrate’s court. He will be remanded to The Bahamas Department of Corrections until his matter resumes on Feb 8, 2023. pic.twitter.com/dqXsHeNXSK
— Eyewitness News Bahamas (@ewnewsbahamas) December 13, 2022
In the past, on December 13, Bankman-attorneys Fried's had advocated for his release on a bond amount of $250,000 was the appropriate amount given his lack of criminal history, despair, and sleeplessness. The crypto CEO was denied bail because the presiding judge deemed him a flight risk. The lone jail in the Bahamas, Fox Hill Prison, is housing Bankman-Fried on remand. Fox Hill's circumstances were described as "severe" and overcrowded, with poor medical treatment, cleanliness, and nutrition, in a United States State Department report from 2021 (2). Detainees were allegedly physically abused by correctional staff.
The exchange creator faces eight accusations, including money laundering, wire fraud, and securities fraud. The Bahamian government has stated that it will "promptly" handle any extradition request. Bankman-Fried faces several allegations that may place her in prison for 115 years, but legal experts have informed that this is unlikely. According to the statement, "a lot to play out," and it may take years to conclude the matter.
