Sam Bankman-Fried files new bail petition

Former head of FTX crypto exchange Sam Bankman-Fried has filed a new bail petition.

Former FTX CEO Sam Bankman-Fried has filed for bail in the Supreme Court of the Bahamas. It is reported by Reuters, citing a source familiar with the situation.

Bankman-Freed was placed in a detention center in the Bahamas after Chief Justice Joyanne Ferguson-Pratt denied his request to remain under house arrest while he awaits a hearing on his extradition to the United States, where he was charged with financial crimes . The court denied the FTX founder a $250,000 bail because of the risk of his absconding.

A source who asked not to be named said the application was resubmitted. Bahamian broadcaster Eyewitness News on Thursday reported that the Supreme Court would consider the bail application on Jan. 17, without citing sources. However, it is not clear what argument Bankman-Fried made in his reapplication for bail.

Bankman-Freed was arrested in the Bahamas and charged in the Southern District of New York with eight counts of fraud, money laundering, conspiracy and campaign finance violations. He faces up to 165 years in prison if found guilty.

The former head of FTX is being held at Fox Hill, the only prison in the Bahamas. A 2021 U.S. State Department report said conditions at Fox Hill were “harsh” due to poor health care, sanitation, and nutrition. It is alleged that correctional officers used physical violence against prisoners.

U.S. Attorney’s say Bankman-Fried was involved in a scheme to defraud FTX customers by misappropriating their deposits to pay expenses and debts, and to make investments on behalf of his cryptocurrency hedge fund, Alameda Research LLC.