Sam Bankman-Fried arrested as bail is revoked

Aug. 11, 2023

By Mike Dalton

SBF's decision to speak to reporters ultimately led to his pre-trial imprisonment.

Sam Bankman-Fried, the founder and former CEO of FTX, has had his bail revoked and will now be held in prison, Reuters said on Aug. 11.

That report indicates that U.S. District Judge Lewis Kaplan revoked Bankman-Fried’s bail following earlier concerns about witness tampering.

Judge Kaplan noted during the latest hearing that Bankman-Fried had provided documents regarding former associate Caroline Ellison to New York Times reporters during an in-person meeting at his parents’ home. The judge reasoned that Bankman-Fried knew that “he was least likely to be caught” by conducting the meeting in this way and asserted that the accused was “was covering his tracks.”

Separate reports from The New York Times quote Kaplan as stating that Bankman-Fried had “gone up to the line over and over again,” thus necessitating the bail revocation. Bankman-Fried attempted to contact other relevant parties over the course of this year.

Federal prosecutors argued for Bankman-Fried’s bail to be revoked around July 26. They insisted that Bankman-Fried’s actions could sway witnesses if he were to remain on bail and asserted that an existing gag order provided insufficient restrictions.

To read the entire article...Click Here!