The founder of FTX was denied bail after he was arrested, and a judge in the Bahamas said he would be detained until February next year.

According to reports in the morning of December 14, Beijing time, Sam Bankman-Fried, founder of FTX, was arrested in the Bahamas on Monday on fraud charges. A Bahamian magistrate refused his bail request at a hearing held on Tuesday local time.

The judge said the former chief executive and founder of the cryptocurrency trading platform was at risk of absconding, so he remained in custody until February.

The judge said Bankman Fried was detained this week at the request of U. S. officials. A federal criminal indictment released on the same day charged Bankerman-Fried with a number of charges, including telecom fraud, money laundering and violation of campaign funding regulations.

The Securities and Exchange Commission also filed a civil suit against Bankman Fried, accusing him of deceiving investors and clients.

According to reports, Bankman-Fried said in court that he could oppose extradition to the United States. The Prosecutor of the Bahamas requested that if he did so, his request for bail would be denied.

Last month, Bankman-Fried resigned as chief executive of the cryptocurrency exchange FTX, which filed for bankruptcy after facing a multibillion-dollar liquidity crunch. The prosecutor for the Southern District of New York accused Bankman-Fried of lying to investors and misusing client money since the company was founded.

John J. Ray III, FTX's new chief executive, testified at a hearing before the House Financial Services Committee on Tuesday that there was "no record" of the company's financial transactions under the leadership of Bankerman-Fried.