April 19, 2024
Latest Cryptocurrency News

Sam Bankman-Fried to Return to Jail After Judge Revokes His Bail

Sam Bankman-Fried, the former CEO of FTX, was led out of a New York courtroom in handcuffs after allegations of attempting to influence or intimidate witnesses in his criminal case. A federal judge reportedly revoked his bail after information was released to New York Times reporters, allegedly in an attempt to intimidate witnesses.

During an August 11 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail to be revoked, suggesting that he will remain in jail through his two trials for fraud linked to his activities at FTX. Bankman-Fried’s bail, initially set at $250 million, had kept him out of custody since his arraignment in December 2022.

Reportedly, Bankman-Fried’s interviews with New York Times reporters led to the sharing of information that appeared to intend to “hurt and frighten” former Alameda Research CEO Caroline Ellison, his former colleague and girlfriend. Bankman-Fried’s legal team acknowledged that he had provided information to the reporters. As a result, Judge Kaplan imposed a gag order to prevent extrajudicial statements concerning the criminal case.

Assistant US Attorney Danielle Sassoon cited Bankman-Fried’s alleged violations of previous bail conditions, including attempting to contact FTX US general counsel Ryne Miller via the Signal app and using a virtual private network for internet activity. Sassoon also mentioned that Bankman-Fried had released information to reporters in an attempt to intimidate Ellison.

During the hearing, Sassoon argued that Bankman-Fried had asked witnesses to delete specific messages and documents, suggesting an attempt to tamper with evidence. The judge concluded that there was probable cause to believe that Bankman-Fried had attempted to interfere with witnesses on multiple occasions and subsequently revoked his bail.

Bankman-Fried’s attorney, Mark Cohen, expressed the intention to appeal the ruling and requested a stay on the order. However, the judge denied the motion and ordered Bankman-Fried to be remanded in custody, possibly at the Putnam County Correctional Facility. The upcoming trials, scheduled for October 2023 and March 2024, involve 12 criminal charges. Despite prosecutors dropping one charge in July due to an extradition agreement, they still consider the alleged scheme as part of a wire fraud charge.

Image: Wikimedia Commons

Related posts

Cronos Labs Launches Third Cohort of $100 Million Web3 Startup Accelerator Program

Kevin Wilson

Ex-CEO Sam Bankman-Fried Sticks with New Legal Team Amidst Conflict of Interest Concerns

Kevin Wilson

Celsius Creditors Warn of Phishing Ahead of Bankruptcy

Eva Moore

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More