Business
Former FTX CEO Bankman-Fried Files A New Bail Application After Losing The Initial One: Source
(CTN NEWS) – Sam Bankman-Fried, the former CEO of FTX, has filed a bail application with The Bahamas Supreme Court, according to a source with knowledge of the situation, after having his request for bail denied by a magistrate judge on Tuesday.
Bankman-Fried makes new bail application after losing first request: source https://t.co/tSqPXK2tCN pic.twitter.com/RrPPHwUskf
— Reuters (@Reuters) December 16, 2022
Bankman-Fried request to stay at home as he awaited a hearing on his extradition to the United States, where he is accused of financial crimes, was denied by Chief Magistrate JoyAnn Ferguson-Pratt.
And he was remanded to a Bahamas detention facility.
The Bahamas Department of Correctional Services flag at the facility where Sam Bankman-Fried, who founded FTX, is believed to be held following his arrest in Nassau, Bahamas, December 15, 2022. REUTERS/Dante Carrer
Without identifying any sources, Eyewitness News, a Bahamas broadcaster, said on Thursday that the Supreme Court would hear the bail application on January 17.
According to U.S. prosecutors, Bankman-Fried used FTX customers’ deposits to defraud them by using them to pay for expenditures and debts.
Bahamian Prime Minister Philip Davis visits the Bahamas Department of Correctional Services facility where Sam Bankman-Fried, who founded FTX, is believed to be held following his arrest in Nassau, Bahamas, December 15, 2022. REUTERS/Dante Carrer
And to invest on account of his bitcoin investment firm, Alameda Research LLC.
Before FTX abruptly collapsed this year, Bankman-Fried had created a fortune of over $20 billion by riding the cryptocurrency bubble and growing it into one of the biggest exchanges in the world.
RELATED CTN NEWS:
California Voted To Approve Plan For Carbon Neutrality Roadmap By 2045
Elon Musk Suspends Journalists Accounts On Twitter