Sam Bankman-Fried, the disgraced founder of failed exchange FTX, has been sent to jail following a bail hearing before the U.S. District Judge Lewis Kaplan in New York.
Sam Bankman-Fried’s Will Be Detained in Jail Until Trial Starts
Sam Bankman-Fried, the disgraced founder of failed exchange FTX, has been sent to jail following a bail hearing before the U.S. District Judge Lewis Kaplan in New York.
According to the judge, a gag order is not enough to stop Bankman-Fried from speaking to the media. He suggested that Bankman-Fried might be held at the Brooklyn Metropolitan Detention Centre and might have access to a laptop while he is there.
Following his accusation of interfering with witnesses, federal prosecutors tried to withdraw Bankman-Fried's bail last month. His discussions with a New York Times reporter who wrote about Caroline Ellison, the former CEO of Alameda Research, who admitted to fraud in connection with the demise of cryptocurrency exchange FTX, gave rise to these accusations. Bankman-Fried was charged with violating the law by allegedly leaking information to the media.
Formerly located in the Bahamas, FTX was an established exchange that offered spot and futures trading for cryptocurrencies. However, the business filed for bankruptcy in November of the previous year, and Bankman-Fried was accused of a number of offenses, including conspiracy to launder money and wire fraud against clients.
Bankman-Fried's trial is scheduled to commence in October 2023.
