Sam Bankman-Fried denied bail in Bahamas on FTX fraud charges, judge cites flight risk

Sam Bankman- Fried was denied bail by a judge in the Bahamas on Tuesday, hours after he was indicted in the U.S.

The United States Attorney for the Southern District of New York requested the arrest of Bankman- Fried. There are allegations of fraud and deception by the onetime billionaire.

His legal team is going to fight any order to extradite him.

Bankman-Fried was charged with a number of crimes in federal court.

Bankman- Fried hugged his parents, who are both law professors. They have supported him throughout the ascent and collapse of the exchange.

The parents of Bankman- Fried were laughing and putting their fingers in their ears during the proceeding.

The collapse of FTX was caused by the revelation of Bankman-Fried's hedge fund Alameda Research's use of self-issued FTT coins as security for billions of dollars in loans in the space of a single day. A huge withdrawal of funds was caused by a rival exchange selling its stake in FTT. Billions of dollars in customer deposits were lost along the way as the company froze assets and declared Chapter 11.