FTX founder Sam Bankman-Fried denied $250k cash bail

A Bahamas judge denied FTX founder Sam Bankman-Fried's bid for release on a $250,000 cash bail after he cited his vegan diet and an ADD diagnosis as justification.

The cryptocurrency mogul is currently in Bahamian custody and faces extradition to the United States. He was arrested on Monday at the behest of U.S. authorities, who on Tuesday unveiled an indictment against him. He faces charges from both the Department of Justice and the Securities and Exchange Commission in connection with the November collapse of his digital currency.

Bankman-Fried in court on Tuesday indicated he would not waive an extradition hearing, according to the New York Post. His lawyer had proposed requiring him to wear an ankle bracelet as part of the release conditions, which the judge denied, per Bloomberg.

The crypto executive faces a combined 115 years in prison if convicted on the U.S. charges. Bahamian officials are pursuing a separate investigation.

FTX suffered a cataclysmic collapse in November after investors lost confidence in the firm's financial stability and simultaneously attempted to withdraw their stakes in the firm, leaving the company unable to fully remunerate its investors.

Reports have since emerged of missing investor assets and suspicious transfers of funds between FTX and its sister company, hedge fund Alameda Research. Alameda CEO Caroline Ellison, Bankman-Fried's former girlfriend, has since retained her own legal counsel.