The former FTX CEO, Sam Bankman-Fried, has reportedly filed a new application for bail in the Bahamas Supreme Court.
The news comes just days after SBF was remanded to a Bahamas detention center. An earlier petition made by the exec to be released on $250,000 bail was rejected by the Chief Magistrate JoyAnn Ferguson-Pratt.
- The judge called SBF a flight risk and ordered the former billionaire to be sent to the Bahamas’ department of corrections.
- ‘Eyewitness News Bahamas’ reported that the bail application of the incarcerated chief of the bankrupt crypto exchange will be heard before the Supreme Court on January 17, 2023.
- The United States Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) have closed in on the exec this week, bringing civil and criminal charges against the former FTX chief executive just about a month after his exchange slid into bankruptcy.
- Bankman-Fried surrendered to the police at his home on the Bahamian island of New Providence on December 13th, shutting down weeks of speculation regarding his fate.
- The ex-CEO is currently remanded at Fox Hill Prison, which happens to be the Bahamas’ sole penitentiary.
- A 2021 US State Department report stated that conditions at the 1,000-person correctional facility were “harsh,” with extreme overcrowding, poor nutrition, and inadequate sanitation.
- Bankman-Fried has already spent two days in sick bay. Based on prison authorities’ analysis, the exec will be sent to maximum security or may remain in the sick bay or be jailed with the prison’s general population.