FTX founder Sam Bankman-Fried denied bail by a judge in the Bahamas after he was arrested and charged by the US with fraud
The Securities and Exchange Commission also filed civil charges against Bankman-Fried on Tuesday, alleging that he duped investors and defrauded customers.
Bankman-Fried told the court he could fight extradition back to the US, according to Reuters. Bahamian prosecutors had requested he be denied bail if he did so. Bankman-Fried resigned from his role as CEO of FTX last month after the crypto-exchange filed for bankruptcy after facing a multi-billion dollar liquidity crunch. Prosecutors for the Southern District of New York allege that Bankman-Fried lied to investors since the start of the company and misused customer funds.
FTX's new CEO, John J. Ray III, testified at a US House Financial Services Committee hearing on Tuesday that there was"no record-keeping whatsoever" regarding the company's financial dealings under Bankman-Fried's leadership. Subscribe to push notifications
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