FTX’s Sam Bankman-Fried was denied bail in the Bahamas on Tuesday, and the judge ordered the former CEO to be held at the Bahamas Department of Corrections until at least February 8. The failure to secure his release on bail has increased the chance that Bankman-Fried could be extradited to the US to faces charges of fraud, according to legal experts.
FTX founder Sam Bankman-Fried’s failure to secure release on bail in the Bahamas on Tuesday increases the likelihood that he will consent to extradition to the United States to face fraud charges, legal experts said.
A judge ordered Bankman-Fried to be held at the Bahamas Department of Corrections until at least February 8, citing his “great” risk of flight after New York federal prosecutors unveiled charges against him over the collapse of his once high-flying crypto exchange, FTX.
Before his bail was denied, Bankman-Fried’s lawyer said his client was not waiving his right to extradition proceedings. If he fights removal, the process could involve up to a year or more of hearings and appeals with little hope of success in the end, experts said.
