According to sources, Sam Bankman-Fried’s attorneys have filed a bail request in a Bahamas Magistrate Court on December 12 pending an extradition request from U.S. officials.
Read CRYPTONEWSLAND onThe motion comes after Chief Magistrate JoyAnn Ferguson-Pratt, the presiding judge, indicated earlier today that SBF was permitted to apply for bail.
A lawyer for FTX co-founder Sam Bankman-Fried recommended that his client pay $250,000 in cash bail and wear an ankle tag in order to be released from his Bahamas jail cell.
Furthermore, Bankman-Fried appeared in court for the first time since his arrest in the Bahamas on Tuesday. Monday evening, his U.S. passport was confiscated when he was apprehended in his fancy home.
The defense attorney for SBF stated in support of the application that the 30-year-old crypto executive suffered from depression and insomnia.
In other news, Justin Sun, the inventor of the Tron ecosystem has invested a total of 100 Million USD. Reportedly, the gesture is suggested as a statement of support for the embattled Cryptocurrency exchange. It also may serve as a means to calm the ongoing market fears.
Additionally, Sun said that the FTX’s demise will be a big setback for the development of the cryptocurrency sector. He predicted that people’s perceptions of the sector as a whole would be negatively impacted by the crash.
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