2023-08-11 20:42:11
Updated11. Aug 2023, 10:42 p.m
Crypto exchange FTX: Sam Bankman-Fried jailed for violating bail conditions
At the end of the year, former crypto prodigy Sam Bankman-Fried was released from prison on mega bail. Because he is said to have influenced witnesses, he now has to go back there.
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In late December, crypto exchange FTX founder Sam Bankman-Fried was released on $250 million bail. He was to remain under house arrest with his parents until his trial.
Getty Images via AFP
It is now known that he violated the conditions and must therefore be held in custody until the trial begins.
Getty Images via AFP
US District Judge Lewis Kaplan agreed to a request from prosecutors to reverse the bail order at a court hearing on Friday.
REUTERS
That’s what it’s regarding
Sam Bankman-Fried, founder of crypto exchange FTX, is said to have embezzled funds from his platform.
He was arrested in the Bahamas, then extradited to the US and finally released on house arrest on bail.
Because he is said to have tried to influence witnesses, he must now be held in custody until the trial begins.
The founder of bankrupt crypto exchange FTX, Sam Bankman-Fried, is in jail for bail violations. US District Judge Lewis Kaplan, at a court hearing Friday, followed prosecutors’ request to overturn the bail order because Bankman-Fried attempted to influence witnesses. His defense announced an appeal.
The 31-year-old is accused of siphoning off huge sums of money from investors on his platform and using it to buy luxury properties, make donations to politicians and carry out risky financial transactions. Since his extradition by the Bahamas, he has been under house arrest at his parents’ home on conditional bail of $250 million. The trial is scheduled to begin in October.
Ex-girlfriend testified once morest Bankman-Fried
Two weeks ago, prosecutors asked that Bankman-Fried be arrested for giving the New York Times private notes of his ex-girlfriend Caroline Ellison to tarnish her reputation. He also said he was trying to influence a possible jury and sent an encrypted message to FTX’s general counsel. Ellison has agreed to testify once morest Bankman-Fried in exchange for a lighter sentence himself.
His defense said their mandate may have violated the terms, but only to protect his own reputation because the newspaper painted Ellison in too positive a light.
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