Friday, June 14, 2024
Blockchain

SBF Submits Fresh Bahamas Supreme Court Bail Application

The local media in the Bahamas reported that Sam Bankman-Fried has submitted a new request for release on bail. This comes just two days after a court dismissed Sam Bankman-request Fried’s for bail on the grounds that the FTX founder constituted a flight risk. The court’s explanation for its decision was that Bankman-Fried posed a potential flight risk.

 

According to what has been reported, Sam Bankman-Fried, who is currently doing time in prison for his role in the failure of the cryptocurrency exchange FTX, has made a second appeal to the Supreme Court of the Bahamas in an effort to be released from custody. This follows an earlier attempt to get out of jail on bond, which was denied.

 

On December 15, a little more than one month after the initial report was made, local media stated that the application had been submitted by the author and that it will be assessed by the court on January 17, which is a little more than one month after the report had been made initially.

 

Prior to this, on the 13th of December, Bankman attorneys Fried’s asked for him to be released on bond in the amount of $250,000 due to the fact that he did not have any prior convictions and was suffering from melancholy as well as sleeplessness. They argued that he should be released because he did not have any prior convictions and because he was unable to sleep. On top of that, he did not have any prior convictions to his name.

 

The request for bail was turned down by the judge who was presiding over the case because the judge considered there was a risk that the crypto executive would depart the jurisdiction.

 

The fact that the government of the Bahamas has declared that it will promptly carry out any request lends credence to the notion that extradition to the United States is a plausible option under the circumstances presented here.

 

In the United States, the individual who designed FTX is being investigated for eight distinct felonies at the moment. Some of these charges involve money laundering, while others involve wire fraud and securities fraud.

 

The number of allegations could land Bankman-Fried in prison for 115 years, but legal analysts have told Cointelegraph that there is a lot to play out and that the case could take years to come to a conclusion due to the complexity of the allegations. In other words, the number of claims could land Bankman-Fried in jail for 115 years.

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