“Huge risk of absconding” – Bankman-Fried will not be released on bail

Denver Sam Bankman-Fried will spend the coming weeks in prison. That was decided by the responsible judge in the Bahamas on Tuesday evening. The risk of flight is “huge” because the founder of the now insolvent crypto exchange FTX has access to “abundant funds”. The 30-year-old’s attorney offered $250,000 bail to keep Bankman-Fried out of jail. Also, Bankman-Fried would have been willing to wear an ankle bracelet. But that wasn’t enough for the judge.

The ex-billionaire, who lived in a luxury apartment in the Bahamas, was surprisingly arrested on Monday evening. The US Department of Justice has filed a criminal complaint against him and is demanding that the Bahamas extradite him. Bankman-Fried said he would contest his extradition. The hearing is scheduled for February 8th.