Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has been denied bail by a judge in the Bahamas.
US authorities charged Mr Bankman-Fried with “one of the biggest financial frauds in US history” on Tuesday.
The ex-FTX boss built a “house of cards on a foundation of deception”, Security and Exchange Commission (SEC) Chair Gary Gensler said.
Mr Bankman-Fried has indicated that he will fight extradition to the US.
Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a “great” risk of flight, and ordered that he be kept on remand at a correctional facility until 8 February.
Last month, FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. According to a court filing, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).
Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop…