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