A judge in the Bahamas refused to grant bail to Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, on December 12, following an indictment by US prosecutors that included eight counts.

His legal team proposed a $250,000 bail, to no avail, as the Bahamas prosecutors pointed to a treaty with the US requiring that defendants be detained pending extradition proceedings.

A hearing to consider extradition has been set for February 8. The US Department of Justice, the SEC, and the CFTC have also filed lawsuits against Bankman-Fried over purported securities and commodities fraud.

The Bahamas government is carrying out both civil and criminal investigations.