FTX founder applies for new bail after losing first request

FTX bankruptcy

A source familiar with the situation said on Thursday that FTX founder Sam Bankman-Fried had applied for bail before The Bahamas Supreme Court after having his plea for bail denied by a magistrate court on Tuesday.

Bankman-Fried was remanded to a Bahamas detention center after Chief Magistrate JoyAnn Ferguson-Pratt denied his request to be allowed to remain at home while awaiting a hearing on his extradition to the United States, where he is charged with financial crimes.

The application was submitted on Thursday, according to the source, who wished to remain anonymous.


Without identifying any sources, Bahamas broadcaster Eyewitness News said on Thursday that the Supreme Court would consider the bail request on January 17.

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According to U.S. authorities, Bankman-Fried used FTX customers’ deposits as part of a conspiracy to defraud them by using them to pay for expenses and debts as well as to invest on behalf of his cryptocurrency hedge fund, Alameda Research LLC.

Bankman-Fried amassed a fortune of more than $20 billion as he rode a cryptocurrency boom to grow FTX into one of the world’s largest exchanges before it suddenly collapsed this year.