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Monday, May 20, 2024

FTX's Bankman-Fried headed for jail after judge revokes bail

US District Judge Lewis Kaplan on Friday revoked Sam Bankman-Fried's bail, after finding probable cause that the indicted founder of the bankrupt FTX cryptocurrency exchange tampered with witnesses at least twice.
Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange, has had his bail revoked by US District Judge Lewis Kaplan. The decision follows allegations that Bankman-Fried tampered with witnesses linked to his upcoming fraud trial scheduled for October. The former billionaire faces charges of diverting billions of FTX customer funds to cover losses at his hedge fund, Alameda Research.

Bankman-Fried was detained in court yesterday after the judge rejected a request to delay his detention pending an appeal. Eyewitnesses reported the defendant looking emotionless as he was led out of the courtroom, while his parents, both Stanford University law professors, watched on emotionally.

The founder's troubles increased when it was revealed that he shared personal writings of former romantic partner and Alameda CEO, Caroline Ellison, with a New York Times reporter. Ellison, along with two other associates, has already pleaded guilty to fraud and is set to testify against Bankman-Fried.

Amidst this controversy, there's a debate over the defendant's rights to freedom of speech versus potential interference with the trial. A gag order is currently in place, restricting Bankman-Fried from commenting on his case.

The location of his detention remains uncertain, with suggestions he might be held at a luxury facility north of Manhattan, where he would have comfortable access to the internet and enjoy the fruits of the bribe he donated to politicians over the years he committed his multi billion dollars fraud.
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