Sam Bankman-Fried is released on bail in the Bahamas

Sam Bankman-Fried, founder and former CEO of FTX, was denied bail on Tuesday after a Bahamian judge deemed him a flight risk. according to Reuters. An extradition hearing is scheduled for February 8.

Bankman-Fried, nicknamed “SBF,” was arrested Monday night in the Bahamas after US prosecutors notified the Bahamas of sizable criminal charges expected to be filed against the disgraced crypto darling. In an unsealed indictment TuesdayProsecutors for the Southern District of New York have charged Bankman-Fried with eight counts of fraud, including lying to investors and violating U.S. campaign finance laws.

The court’s decision to deny bail follows a marathon hearing at the House Financial Services Committee, where lawmakers questioned current FTX CEO John J. Ray III about the stock market’s collapse. Before his arrest on Monday, SBF was also scheduled to testify before lawmakers. In comments obtained by The Wall Street JournalSBF was willing to apologize for the implosion, but also partly blamed Ray and rival cryptocurrency exchange Binance.

“I’d like to start by saying formally, under oath: I screwed up,” the comments read.

At Tuesday’s hearing, lawmakers broadly agreed that FTX’s collapse warranted better crypto regulation. But with little time left before the end of the year, McHenry said the commission would resume negotiations in January.

“The arrest of Sam Bankman-Fried is welcome news, but it still doesn’t get to the bottom of what happened at FTX, and why it happened, and who else may be responsible,” said the incoming Financial Services Chairman Patrick McHenry (R-TX). ) said in his opening statement.