After his initial request for bail was denied by a magistrate, Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, has submitted a new application for bail before The Bahamas Supreme Court. Reuters cited an unnamed source when they revealed the news of his second bail application.
Currently, Bankman-Fried is being held in a jail in The Bahamas. Chief Magistrate JoyAnn Ferguson-Pratt dismissed his prior request for release. The former cryptocurrency tycoon is waiting for a hearing to determine whether he should be extradited to the US, where he is already facing fraud charges.
On Thursday, Bankman-Fried submitted a second bail request (December 15).
Without identifying any sources, Bahamas broadcaster Eyewitness News said on Thursday that the Supreme Court would consider the bail request on January 17.
US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.
Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world’s largest exchanges before it abruptly collapsed this year.
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