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.
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.
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.