Breaking: SBF denied bail by Bahamas Magistrate Court judge

Sam Bankman-Fried will remain in custody at the Bahamas Department of Corrections until Feb. 8, 2023.

According to local sources, crypto executive Sam “SBF” Bankman-Fried’s lawyers requested bail in a Bahamas Magistrate Court on Dec. 13 after his arrest the day prior pending an extradition request by United States authorities. The move comes after presiding judge Chief Magistrate JoyAnn Ferguson-Pratt stated earlier that SBF had the right to request bail.

In supporting the application, the defense counsel for SBF argued that the 30-year-old crypto executive suffered from “depression” and “insomnia,” does not possess a criminal record, and did not flee the Bahamas despite “ample opportunity” to do so. The counsel representing SBF also claimed that their client hasn’t been taking medications, including “Adderall” and “anti-depressants,” since his arrest. The lawyers also said that SBF doesn’t object to electronic monitoring or reporting to a local police station if granted bail.

Update (Dec. 13, 8:05 pm UTC): The counsel for SBF requested bail be set at $250,000. (Note: The Bahamian dollar is pegged 1:1 to the U.S. dollar.)

Update (Dec. 13, 9:55 pm UTC:) Presiding Judge JoyAnn Ferguson-Pratt denied SBF’s bail application, highlighting his “risk of flight,” and ordered the crypto executive to be held in custody at the Bahamas Department of Corrections until Feb. 8, 2023. The case has been adjourned to the said date.