Breaking: SBF’s lawyers request bail in Bahamas Magistrate Court pending extradition

The move comes just one day after the crypto executive’s arrest on Dec. 12.

According to local sources, on Dec. 13, crypto executive Sam Bankman-Fried’s (SBF) lawyers have requested bail in a Bahamas’ Magistrate Court after his arrest on Dec. 12 pending extradition request by U.S. authorities. The move comes after presiding judge Chief Magistrate JoyAnn Ferguson-Pratt stated earlier today 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. Counsel representing SBF also claimed that their client hasn’t been taking medications, including “Adderall” and “anti-depressants” since his arrest. Lawyers also said that SBF doesn’t object to electronic monitoring or reporting to a local police station if granted bail.

Update Dec. 13 20:05pm UTC: Counsel for SBF has requested bail be set at $250,000 (Note, the Bahamian Dollar is pegged 1:1 to the U.S. Dollar)

This is a breaking news story and will be updated accordingly.