Bankman-Fried denied bail, remanded to custody in the Bahamas: Reuters

Quick Take

  • Sam Bankman-Fried was denied bail and remanded to the custody of the Bahamas Department of Corrections, Reuters said. 

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: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions. 

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