Sam Bankman-Fried, Founder of FTX, Headed to Jail After Bail Revoked

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Bankman-Fried expected to remain in jail until trial

Sam Bankman-Fried, the founder and former CEO of bankrupt crypto exchange FTX, is headed to jail after his bail was revoked.

U.S. District Judge Lewis Kaplan ruled on Friday that there is probable cause to believe that Bankman-Fried has attempted to tamper with witnesses at least twice.

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The judge cited two incidents in particular:

  • Bankman-Fried allowed a New York Times reporter to come to his home and showed him the contents of Caroline Ellison’s diary, which is considered confidential evidence in the case.
  • Bankman-Fried used a virtual private network (VPN) to watch a football game, which the judge said suggests that he is trying to hide his activities.

Bankman-Fried’s legal counsel said they intend to appeal the decision. He is expected to remain at the Metropolitan Detention Center in Brooklyn until his trial in October.

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This is a major development in the case against Bankman-Fried, who is facing seven charges of wire fraud and money laundering. Prosecutors have also said they intend to file a superseding indictment to add campaign finance law violations.

Bankman-Fried is a well-known figure in the cryptocurrency world, and his arrest has sent shockwaves through the industry. It remains to be seen what impact his imprisonment will have on FTX, which is one of the largest crypto exchanges in the world.

Source: Axios

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