Breaking: SBF's lawyers request bail in Bahamas magistrate court pending extradition

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 todaythat SBF had the right to request bail.

In supporting the decision, 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 say that SBF doesn't object to electronic monitoring or reporting to a local police station if granted bail.

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