Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected. The news of his second bail application was reported by Reuters citing unnamed source.
Bankman-Fried is currently in a detention center in The Bahamas. His previous application for bail was rejected by Chief Magistrate JoyAnn Ferguson-Pratt. The former crypto mogul is awaiting a hearing on his extradition to the US where he has been already charged for committing fraud.
Bankman-Fried made second bail application on Thursday (December 15).
Bahamas broadcaster Eyewitness News on Thursday reported that the Supreme Court would hear the bail application on Jan. 17, without citing sources.
US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.
Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world’s largest exchanges before it abruptly collapsed this year.
(With inputs from agencies)
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