FTX founder Sam Bankman-Fried is reportedly trying to secure bail from the Bahamas Supreme Court.
What Happened: Bankman-Fried was denied bail by a magistrate judge on Tuesday and was remanded to a detention center, reported Reuters, citing a person familiar with the matter.
The disgraced cryptocurrency entrepreneur’s request to be detained at home was reportedly rejected by Chief Magistrate JoyAnn Ferguson-Pratt.
See Also: Best FTX Alternatives: How To Keep Your Crypto Safe In 2022
Why It Matters: Bankman-Fried was arrested on Monday after the local authorities received formal notification from the United States. He was deemed a flight risk by the judge.
Charges against him include wire fraud, securities fraud, and money laundering. The arrest came a day before he was due to appear before Congress.
The beleaguered FTX cryptocurrency exchange declared bankruptcy on Nov. 11, post which Bankman-Fried made a number of media appearances to explain his position.
The collapse of FTX’s native token FTT led to a crash in the prices of major cryptocurrencies including Bitcoin BTC/USD and Ethereum ETH/USD.
Read Next: Elon Musk, Dogecoin Co-Creator Agree This Is Sam Bankman-Fried’s ‘Biggest Crime’
Photo by Mercatus Center via Wikimedia Commons
Image and article originally from www.benzinga.com. Read the original article here.