FTX Founder Sam Bankman-Fried Denied Bail in Bahamas After Arrest, Faces up to 115 Years in Jail

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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 judge ordered the 30-year-old to be remanded to a Bahamas correctional facility until Feb. 8, 2023.

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