Sam Bankman-Fried Makes New Bid for Bail Following Denial of First Request – Here’s the Latest
The FTX/Sam Bankman-Fried saga continues: the exchange founder submitted another bail request, just two days after his first one was denied, according to two news outlets.
Bankman-Fried, the former CEO of the colossal failure that ended up being the FTX exchange, made a bail application before The Bahamas Supreme Court, Reuters reported on Friday, citing a source familiar with the matter. Per this source, the application was made on Thursday.
Furthermore, the Bahamas' Eyewitness News also reported this information on Thursday and said that the Supreme Court would hear the bail application on January 17, though it did not cite its sources.
The news outlet further stated that the Minister of Foreign Affairs, Fred Mitchell, said that,
"The FTX issue was a business failure and the jurisdiction where the failure took place has nothing to do with the actual alleged crimes, [and] that businesses in The Bahamas will survive despite the situation."
The new application comes after a judge rejected Bankman-Fried's request for bail just two days earlier, on Tuesday.
Therefore, the disgraced founder is currently staying at a Bahamian detention center until February 8, while he awaits a hearing on his extradition to the United States, given that the Chief Magistrate JoyAnn Ferguson-Pratt denied the earlier request for Bankman-Fried to stay at his home.
The experience is unlikely to be a pleasant one, given the reported state of the detention center he is held at. As reported, the conditions at Fox Hill were described by a 2021 US State Department report as "harsh". Problems include overcrowding, a lack of toilets, and rodents sharing the living space.
Commissioner of Correctional Services, Doan Cleare, however, claimed that the
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