Disgraced FTX cofounder Sam Bankman-Fried was denied bail by a Bahamas judge who cited a ‘great’ risk of flight as the reason for the denial. 

The disgraced cryptocurrency entrepreneur has been remanded in the country’s department of corrections until February 8, 2023, when the court will decide his extradition.

Mr Bankman-Fried’s attorney Jerone Roberts argued during the bail hearing that he (Bankman-Fried) was a permanent resident and property owner in the Bahamas with no motivation to flee the country. 

“This is not a vacation home,” Mr Roberts told the court. 

Mr Roberts further said Mr Bankman-Fried had decided to remain in the Bahamas to “fix things” in the face of his company’s collapse, showing that he had no intention to leave. 

Detailing his client’s medical history of depression and attention disorder, he also added that his client would be willing to submit to a curfew and electronic monitoring. 

However, the court agreed with a Bahamian prosecutor, Franklyn Williams, who argued that Mr Bankman-Fried was a flight risk and should be detained because the FTX cofounder still had access to enough financial resources to flee.