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 Courtroom following his earlier unsuccessful bid for launch.
Native media on Dec. 15 reported that 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. Nonetheless the report 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 danger.
Bankman-Fried is remanded at Fox Hill Jail, the one jail within the Bahamas. A 2021 U.S. State Division report stated 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.
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Extradition to the U.S. is on the playing cards because the Bahamian authorities has stated it’ll “promptly” course of any request. The FTX founder faces eight U.S. fees, together with cash laundering, wire fraud, and securities fraud.
The slew of fees 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 to resolve.