Sam Bankman-Fried is headed to jail after a magistrate judge in the Bahamas denied his bail application and remanded him to the Department of Corrections, Reuters said.
The disgraced former CEO of FTX was was deemed a flight risk and will be held until at least Feb. 8 when "the matter resumes."
Bankman-Fried was slapped with a bevy of charges from the U.S. Department of Justice, Securities and Exchange Commission and the Commodities Futures Trading Commission earlier in the day after being arrested last night.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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