Sam Bankman-Fried makes a new bail bid in the Bahamas Supreme Court

Sam Bankman-Fried makes a new bail bid in the Bahamas Supreme Court

By Charles Thuo - min read
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  • This is the second time SBF lawyers are filing for bail after the first application was denied.
  • This time round SBF lawyers have gone to the highest court in the Bahamas.
  • Sam Bankman-Fried (SBF) was arrested on Monday and has since been remanded to prison awaiting an extradition hearing.

There are reports that Sam Bankman-Fried has lodged a new bid for bail in the Bahamas Supreme court. This comes just two days after a judge denied a previous bail application citing “flight risk.”

The new bail bid is expected to be heard on January 17 2023, which is just a month time from now.

Previously, SBF lawyers were requesting that he be released for a bail of $250,000 because he has not been convicted before. They also argued that Sam Bankman was suffering from depression and insomnia which require him to be under constant medication.  However, the judge disallowed the application calling SBF a flight risk.

Remanded at FOX Hill prison

At the moment Bankman-Fried is remanded at the FOX Hill Prison, which is the only jail in the Bahamas and a 2021 US State Department report described conditions at the prison as harsh and overcrowded.

The Bahamian government has said that it would quickly process any request to extradite SBF to the US where he is likely to face an array of charges including wire fraud, securities fraud, and money laundering. Legal experts say that the slew of charges could land Bank-Fried a combined jail term of up to 115 years.