Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, has been denied bail by a judge in the Bahamas.

Bankman-Fried was arrested on December 12, following an indictment by US prosecutors that included eight accusations.

His legal team requested his release on a $250,000 bail, but this was opposed by Bahamas prosecutors who cited a treaty with the US that required defendants to be detained during extradition proceedings.

An extradition hearing has been scheduled for February 8. Along with the US Department of Justice, the SEC and CFTC have filed lawsuits against Bankman-Fried for alleged securities and commodities fraud.

The Bahamas government is conducting both civil and criminal investigations.