Former FTX boss resubmits bail application

Last Updated: 16 December 2022

Former FTX CEO Sam Bankman-Fried has applied for bail for the second time. SBF is making another attempt at the Bahamas Supreme Court to be granted bail.

Second bail request

Reuters refers to a source familiar with the case. On Tuesday, the first request for $250,000 bail was still rejected by the magistrate, as the risk of SBF leaving the country was too high.

Bankman-Fried was then sent back to a detention centre in the Bahamas. Pending a hearing on his extradition to the United States, he must now serve time in detention.

According to the anonymous source, a bail application was filed for the second time on Thursday. What amount is involved is not known.

The source did not want to be identified. According to news medium Eyewitness News, the Supreme Court is not going to hear this bail application until 17 January.

In the US, SBF is accused of financial crimes over the failing platform FTX. US prosecutors claim he was involved in embezzling customer deposits to pay expenses and debts and to make investments on behalf of his crypto-hedge fund Alameda Research.

Bankman-Fried made a fortune of more than $20 billion in a few years, which evaporated within a week.

Author

  • I first came into contact with Bitcoin in 2017 - and since then, the topic of cryptocurrencies has never left me. For this reason, I have also made BTC & Co. part of my profession and write as a freelance author for crypto publications.

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