SBF, the former CEO of the now-defunct exchange FTX, has submitted a new bail application after having a previous one denied two days prior, local media on Dec. 15 reported.
In a clear sign of desperation, the disgraced founder submitted a second bail request, which is set for a court hearing on January 17, 2023.
Following his arrest on Dec 12, SBF was being held at Bahamas’ sole penitentiary, Fox Hill Prison. The next day a bail was set at $250,000. Bankman-Fried’s lawyers argued that he should be released as he had no prior convictions and was depressed and sleep-deprived.
The presiding judge rejected the appeal on the grounds of a flight risk. Since then, he has been in the prison’s sick bay where his health and risk of self-harm are being monitored.
However, conditions at Fox Hill prison infamous for its “harsh” conditions and there have been incidences of physical abuse against inmates by correctional officers that have been documented, according to 2021 human rights report.
Investigations shed light on the overcrowded inmates living in the facility along with poor sanitation and lack of adequate medical care.
That said, SBF’s own legal strategy is probably going to make his stay at Fox Hill longer. Here’s why.
SBF Set For A Long-Drawn Legal Battle
Bankman-Fried declined to give up his right to challenge his extradition to the US, where he faces eight criminal accusations, including money laundering, conspiracy, and wire fraud.
The jailed entrepreneur might have to prepare himself for a drawn-out judicial battle that could last months or perhaps over a year by refusing to surrender that right. And for that entire period, he’ll probably be detained at Fox Hill.
On the other hand, Bankman-Fried could not fare much better in the American prison system if he gives in to extradition.
The crypto executive would be lodged at either the Metropolitan Correctional Center in Manhattan or the Metropolitan Detention Center in Brooklyn while awaiting trial in New York City, where federal charges had been brought against him.
Further, it has been also claimed that those facilities have unsanitary conditions, rodent and bug infestations, poor medical care, and guard aggression and abuse. To add more misery, the conditions have been criticized as being “worse than Guantanamo” and “soul-negating.”
Till then, SBF will likely remain incarcerated in the Bahamas till February 2023 as extradition proceedings with the US continue.