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Sam Bankman-Fried's bail has been revoked, sent to jail

Key Takeaways
  • Sam Bankman-Fried, founder and former CEO of FTX, has been sent to jail after his bail was revoked by the Federal Court.
  • The Federal Court revoked Sam Bankman-Fried's bail due to an alleged attempt to intimidate witnesses.
  • Federal Court Judge Lewis Kaplan revoked SBF's bail and ordered him to remain in jail until the end of his two trials.
12-Aug-2023 By: Rohit Tripathi
Sam Bankman-Fried's

Lewis Kaplan order Sam Bankman-Fried's bail has to be revoked

The bail of Sam Bankman-Fried aka SBF, the founder and former CEO of bankrupt cryptocurrency exchange FTX, has been revoked by the Federal Court. Along with this, orders have been given by the court to send Sam Bankman-Fried to jail. Federal Court Judge Lewis Kaplan ordered Sam Bankman-Fried to remain in prison til the end of two trials. In fact, allegations were leveled against SBF that they were trying to intimidate the witnesses related to the FTX fraud case. He shared the information with the New York Times reporter. Attempts were being made by the SBF to undermine the case continuously, after which prosecutors were repeatedly talking about canceling Sam Bankman-Fried's $250 million bail. Due to this bail, SBF has been out of jail since December 2022.

Being in the under house arrest SBF was living a comfortable life 

Former FTX CEO Sam Bankman-Fried is facing 12 criminal charges including crypto fraud, bank fraud, and wire fraud. But despite this, Sam Bankman-Fried was saved from jail due to his bail. As per the court orders SBF was under house arrest at his parent's house, but also he was cleverly using the internet, smartphone, and all modern gadgets. Not only this later, he had also appealed in the court that his friends should be allowed to visit his house without any investigation. Later on slowly his demands increased. At the same time, being out of jail, he was pressuring the witnesses related to the FTX fraud case. Significantly, as per the current order of the court, SBF will have to remain in jail till the end of his 2 trials starting form October 2023 and March 2024.

Also Read : India Launches New Web Browser to Integrate Crypto Tokens

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