December 13, lawyers for cryptocurrency activistSam Bankman Fried(SBF) appealed to the Magistrates' CourtBahamas requestingrelease on bailfollowing his arrest on December 12 in connection with an extradition request from US authorities.
This comes after presiding judge Chief Magistrate JoyAnne Ferguson-Pratt previously said thatSBFIt hasrighto ask for bail. In supporting the motion, SBF's lawyer argued that the 30-year-old cryptocurrency executivesuffers from “depression” and “insomnia”, has no criminal record and has not fled the Bahamasislands, despite the “wide opportunities” for this. Lawyers representing SBF also said their client was not taking medications, including “Adderall” and antidepressants since his arrest. The lawyers also said that SBF does not object to electronic monitoring or appearance at the local police station if released on bail. SBF's attorney asked for bail to be set at $250,000.
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Impressive fall of FTX and Sam Bankman-Freed. A serious blow to the reputation of the cryptocurrency.