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SBF Reportedly Files New Bail Application in the Bahamas Supreme Court

According to Bahamas media, Sam Bankman-Fried filed a new bail application just two days after a judge denied his previous application and labeled the FTX founder a flight risk.

Following his previous unsuccessful bail bid, Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX, has reportedly filed a new application for bail in the Bahamas Supreme Court.

On December 15, local media reported that the founder had submitted the application, which would be heard before the court on January 17, 2023. However, no sources were cited.

Previously, on December 13, Bankman-lawyers Fried’s argued that he should be released on bail of $250,000 because he had no prior convictions and was suffering from depression and insomnia. The presiding judge denied bail calling the crypto executive a flight risk.

Bankman-Fried is being held at Fox Hill Prison, the Bahamas’ only jail. According to a 2021 US State Department report, conditions at Fox Hill were “harsh” and overcrowded, with inadequate medical care, sanitation, and nutrition. Detainees were allegedly physically abused by correctional officers.

The Bahamian government has stated that any extradition request will be processed “promptly.” The exchange founder faces eight charges, including money laundering, wire fraud, and securities fraud.

The slew of charges could land Bankman-Fried in prison for 115 years, but legal experts have told Cointelegraph that there is a “lot to play out” and that the case could take years to resolve.

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