Bankman-Fried told the judge that he plans to fight any effort to extradite him, meaning there could be further delays in efforts to get him on American soil.
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Sam Bankman-Fried has been denied bail during a court appearance in The Bahamas — and he'll remain behind bars for weeks.
A judge concluded that FTX's founder was too much of a flight risk as he faces a slew of criminal charges in the U.S. and civil enforcement action by SEC and CFTC.
SBF's lawyer had proposed bail to be set at $250,000 — a sum that's more than double the embattled crypto entrepreneur's reported net worth — with the 30-year-old offering to wear an electronic tag.
His legal team had sought to argue that he needed to take medication regularly for ADHD, depression and allergies — adding that it was crucial that he stick to a vegan diet.
But Chief Magistrate Joyann Ferguson-Pratt said:
"I am not satisfied that there is any condition that I could place in Samuel Bankman-Fried to sufficiently satisfy, because of his access to substantial finances, that he would not and could not abscond."
Attention now turns to efforts to get Sam Bankman-Fried extradited to the U.S. — with the Bahamian court confirming that a hearing will take place on Feb. 8.
The former CEO has told the judge that he plans to fight any effort to extradite him, meaning there could be further delays in efforts to get him on American soil.
SBF has now been taken to the Bahamas Department of Correctional Services facility, otherwise known as Fox Hill.
In 2020, a report by U.S. officials claimed this prison suffered from "overcrowding, poor nutrition, inadequate sanitation, poor ventilation and inadequate medical care."
