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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. 

This story is breaking. Please check back for updates. 

Read the original article on Business Insider