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FTX founder San Bankman-Fried denied bail by a judge in the Bahamas after he was arrested and charged by the US with fraud

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  • A judge in the Bahamas denied Sam Bankman-Fried bail after he was arrested Monday on fraud charges.
  • The former FTX CEO was remanded into custody until February, according to reports.
  • US authorities charged him with several counts of fraud on Tuesday.

A magistrate judge in the Bahamas denied FTX founder Sam Bankman-Fried bail during a hearing on Tuesday following his Monday arrest on fraud charges. 

The judge said the former CEO and founder of the crypto exchange platform posed a flight risk and remanded him to custody until February. 

Authorities in the Bahamas detained Bankman-Fried this week acting on a request from US officials. A US federal criminal indictment unsealed on Tuesday charged Bankman-Fried with multiple counts, including wire fraud, money laundering, and campaign finance violations.

Bankman-Fried told the court he could fight extradition back to the US, according to Reuters. Bahamian prosecutors had requested he be denied bail if he did so. 

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Read the original article on Business Insider