FTX crypto boss Sam Bankman-Fried denied bail in Bahamas

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.

He was arrested in the Bahamas on Monday.

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…

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This article was written by and originally published on www.bbc.co.uk