Sam Bankman-Fried, the recently imprisoned former CEO of the bankrupt cryptocurrency exchange, has reportedly filed for bail again after a previous failed bail application.
A December 15 report from the Bahamas’ local media agency stated that the SBF had applied for pre-trial bail. The local media source noted that the bail application hearing will be held before the appeals court on February 17, 2023.
On December 13, Bankman-Fried’s lawyers filed an application for SFB to be released on $250,000 bail due to depression and sleep problems. Thereupon, the trial judge rejected this offer as there was a risk of SBF’s escape.
Bankman-Fried is currently held at Fox Hill Prison in the Bahamas. In a report by the US State Department in 2021, Fox Hill conditions were too harsh and overcrowded. The report also highlighted the lack of medical care and hygiene in the prison. Moreover, it was stated that his guards physically abused the prisoners.
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The Bahamas Government, meanwhile, said it would quickly process any extradition request as the SBF faces eight charges, including money laundering, bank fraud and securities fraud.
In addition, the former CEO could be sentenced to up to approximately 115 years in prison as a result of the cascade of charges that Bankman-Fried faces. However, a number of lawyers told Cointelegraph that it could take years to resolve the case.