Cryptocurrency

/send

Shockwaves

FTX founder, Sam Bankman-Fried, who has been convicted of fraud, has been denied his request for release by a U.S. appellate court while his legal team appeals his conviction. 
The U.S. Court of Appeals for the Second Circuit, in a mandate issued on November 21, stated that one of the key reasons for rejecting his request was his previous attempts to tamper with witnesses while on pretrial release.] 
Bankman-Fried faced accusations from government prosecutors that he leaked Caroline Ellison’s diaries to The New York Times in July. 
This action led to the revocation of his bail by a New York District Court. In response, Bankman-Fried argued that the New York court had failed to recognize that his actions were protected under the First Amendment as freedom of speech. 
However, the appellate court upheld the New York District Court’s decision, asserting that witness tampering is not constitutionally protected. 
Bankman-Fried’s legal team also contended that the district court did not adequately consider alternatives to detention. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/ceo-resignation-and-binance-doj-settlement-send-shockwaves-through-cryptocurrency-markets/">CEO Resignation and Binance-DOJ Settlement Send Shockwaves Through Cryptocurrency Markets</a> 
However, the appellate court dismissed this argument, emphasizing that the district court had meticulously examined all relevant factors, including Bankman-Fried’s behavior while on pretrial release. 
On November 2, Bankman-Fried was found guilty of seven charges related to fraud and money laundering. As a result, the former CEO of FTX will remain in custody until his sentencing, scheduled for March 28 next year. 
In summary, Sam Bankman-Fried’s efforts to secure his release from jail pending the appeal of his conviction have been denied by the U.S. Court of Appeals for the Second Circuit. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
 <a href="https://imperium-comms.com/crypto-promo/"><img loading="lazy" decoding="async" width="336" height="280" src="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png" alt="" class="wp-image-8665" srcset="https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280.png 336w, https://cryptointelligence.b-cdn.net/wp-content/uploads/2023/11/imperium_comms_336x280-300x250.png 300w" sizes="(max-width: 336px) 100vw, 336px"></a>
 </figure>
</div> 
The court cited his previous attempts to tamper with witnesses as a significant factor in their decision. 
Despite arguments about freedom of speech and alternative detention options, the court upheld the New York District Court’s decision to revoke his bail. 
Bankman-Fried will remain in custody until his sentencing in March next year following his conviction on fraud and money laundering charges. 
<a href="https://www.cryptointelligence.co.uk/crypto-intelligence-blockchain-council/">Discover the Crypto Intelligence Blockchain Council</a>

Sam Bankman-Fried Denied Release by Appellate Court Pending Appeal of Fraud Conviction

Crypto Intelligence

Other articles published on Nov 23, 2023

Bitget Wallet App Integrated Into WOOFi DeFi Protocol

Solana protocol fees jump as SOL targets more upside

FTX Native Token FTT Surges Over 20% After CZ Leaves Binance

What Does the Current Outlook Indicate for Solana (SOL) Coin?

Shiba Inu (SHIB) and Polygon (MATIC) Take a Backseat as a New Cryptocurrency Promises Tenfold Ret...

Web3 Gaming Studio Matr1x Raises $10M for NFT Mobile Game

Join our free newsletter for daily crypto updates!