Sam Bankman Fried reapplies for bail after first denial jpg

Sam Bankman-Fried reapplies for bail after first denial

Crime, News

The controversy involving FTX and Sam Bankman-Fried continues: according to two news agencies, the exchange’s creator has reportedly made a second bail application, barely two days after the first one he filed was refused.

Reuters, citing a person with knowledge of the situation, reported on Friday that Bankman-Fried had lodged a plea for bail before the Supreme Court of The Bahamas. Bankman-Fried was the former CEO of the gigantic disaster that ended up becoming the FTX exchange. Thursday was the day when the application was submitted, according to this source.

In addition, on Thursday, the Bahamas’ Eyewitness News likewise published similar information and said that the Supreme Court will hear the bail application on January 17, despite the fact that it did not identify its sources. However, it did say that the Supreme Court would consider the motion.

In addition, the media source said that Fred Mitchell, the Minister of Foreign Affairs, was quoted as saying that,

“The FTX problem was a commercial failure, and the jurisdiction where the breakdown took place has nothing to do with the real crimes that are being accused,” and “that firms in The Bahamas would thrive in spite of the circumstances.”

Try, then try once more

After a court denied Bankman-plea Fried’s for bail only two days earlier, on Tuesday, the fresh application came as a result of that decision.

As a result, the disgraced founder is currently being held at a Bahamian detention center until the 8th of February, while he waits for a hearing on his extradition to the United States. This is due to the fact that the Chief Magistrate JoyAnn Ferguson-Pratt rejected an earlier request for Bankman-Fried to stay at his residence.

The alleged condition of the detention facility where he is being detained makes it very unlikely that the individual would have a positive experience during their time there. According to the news, a study from the State Department of the United States in 2021 called the circumstances at Fox Hill “severe.” The congestion, the absence of bathrooms, and the presence of mice in the living area are all issues that need to be addressed.

However, the Commissioner of Correctional Services, Doan Cleare, said that circumstances have much improved since that time, and that the majority of the institutions have undergone renovations.

Following the issuance of official charges against Bankman-Fried by US authorities, he was detained and placed under custody on December 12 in the Bahamas. As a result of his misuse of client cash, the United States Attorney for the Southern District of New York has indicted him on eight counts of criminal activity, including conspiracy and wire fraud. Should he be found guilty on all charges, he may be sentenced to a maximum of 115 years in jail. Bankman-Fried was also accused by the United States Securities and Exchange Commission of “orchestrating a conspiracy to mislead equity investors in FTX.”

In the meanwhile, John Ray III, who is the new chief executive officer of FTX, said on Tuesday that the new leadership has “protected more than one billion in digital assets to defend against the danger of theft or unlawful transfers.”

For 10:30 UTC on Friday morning, FTX’s native FTT currency was trading at $1.31, representing a decrease of 3.3% over the previous 24 hours and a decrease of 4.1% over the previous week. In aggregate, it decreased by 30% in thirty days and by 97% in one year.

Compiled by Coinbold