Founder of FTX Crypto Exchange Denied Bail

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 FTX founder denied bail

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A court in the Bahamas denied bail to Sam Bankman-Fried, founder of the bankrupt cryptocurrency exchange FTX.

BBC reports. The court denied his bail request, citing a “large” the risk of absconding, and ordered him to be held in a correctional facility until February 8.

Bankman-Fried was charged by US authorities yesterday with “one of the largest financial frauds in US history.” He was charged with eight counts.

According to Securities and Exchange Commission (SEC) Chairman Gary Gensler, the former head of FTX built a “house of cards based on deception.”

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