Monday, June 17, 2024

SBF reportedly recordsdata new bail utility within the Bahamas Supreme Court docket

by Jeremy

Sam Bankman-Fried, the jailed founding father of bankrupt cryptocurrency alternate FTX has reportedly filed a brand new utility for bail within the Bahamas Supreme Court docket following his earlier unsuccessful bail bid.

Native media on Dec. 15 reported the founder submitted the appliance and that it could be heard earlier than the court docket in simply over one month’s time on Jan. 17, 2023. Nonetheless it didn’t cite any sources.

Beforehand, on Dec. 13, Bankman-Fried’s legal professionals had argued for him to be set free on bail set at $250,000 as he had no prior convictions and was affected by melancholy and insomnia. The presiding decide denied bail calling the crypto government a flight threat.

Bankman-Fried is remanded at Fox Hill Jail, the one jail within the Bahamas. A 2021 United States State Division report mentioned situations at Fox Hill have been “harsh” and overcrowded with poor medical care, sanitation and diet. Correctional officers have 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 should “promptly” course of any extradition request because the alternate founder faces eight expenses together with cash laundering, wire fraud, and securities fraud.

The slew of expenses may see Bankman-Fried land in jail for 115 years, however authorized commentators have instructed Cointelegraph there’s a “lot to play out” saying the case may take years till it is resolved.