Sam Bankman-Fried, the owner of the failed cryptocurrency exchange FTX, has been denied bail after his arrest in the Bahamas at the request of the U.S. government on Monday.
In a hearing that lasted more than three hours on Tuesday, Chief Magistrate Joyann Ferguson-Pratt ruled that Bankman-Fried’s $250,000 bail request would be denied on the basis that Bankman-Fried poses a flight risk because of his access to financial resources, The New York Times reported.
The judge ordered the 30-year-old to be remanded to a Bahamas correctional facility until Feb. 8, 2023.
Bankman-Fried was arrested on Monday by Bahamas law enforcement at the request of the United States attorney for the Southern District of New York, who notified the Bahamas Attorney General’s Office that it had filed criminal charges against the former crypto billionaire, who once had an estimated net worth of $26 billion….