Local Bahamas media reported that Sam Bankman-Fried has filed a new bail application. This comes just two days after a court dismissed Sam Bankman’s bail application, citing the FTX founder as a flight risk. The court’s explanation for its decision was that Bankman-Fried posed a potential flight risk.
Sam Bankman-Fried, who is currently serving prison time for his role in the failure of cryptocurrency exchange FTX, has reportedly filed a second appeal with the Supreme Court of The Bahamas in an effort to be released from custody. This follows a previous attempt to get out of jail on bail, which was denied.
On December 15, just over a month after the initial report was made, local media reported that the lawsuit had been filed by the author and that it will be assessed by the court on January 17, which is just over a month. after the report had initially been made.
Prior to this, on December 13, Bankman’s attorneys, Fried’s, asked that he be released on bail in the amount of $250,000 on the grounds that he had no prior convictions and suffered from melancholy and insomnia. They argued that he should be released because he had no criminal record and because he couldn’t sleep. On top of that, he didn’t have any prior convictions to his name.
The request for bail was rejected by the judge presiding over the case because he considered that there was a risk that the crypto executive would leave the jurisdiction.
The fact that the Bahamian government has stated that it will promptly comply with any request lends credence to the notion that extradition to the United States is a plausible option under the circumstances presented here.
In the United States, the person who designed FTX is under investigation for eight separate crimes at the moment. Some of these charges involve money laundering, while others involve wire fraud and securities fraud.
The number of allegations could land Bankman-Fried in prison for 115 years, but legal analysts have told Cointelegraph that much remains to be resolved and the case could take years to reach a conclusion due to the complexity of the allegations. In other words, the number of claims could land Bankman-Fried in jail for 115 years.