Former FTX CEO Sam Bankman-Fried’s Bail Revoked
FTX SBF
Key Points:
- The co-founder of FTX was given a $250 million bond in December.
- U.S. District Judge Lewis Kaplan of the Southern District of New York took a position on the bail hearing today.
- Unfortunately for SBF, his legal team was unsuccessful, and he has been remanded to jail until his next hearing in October.
Sam Bankman-Fried (SBF), the former CEO and co-founder of insolvent FTX, had his bail revoked after the U.S DoJ asked the court to do so. U.S. District Judge Lewis Kaplan of the Southern District of New York took a position on the bail hearing today, seemingly unsatisfied by the defense’s explanations for the Department of Justice’s (DoJ) charges of witness tampering.
Trouble Continues for SBF
After being extradited from The Bahamas, where he was first seized and held, the co-founder was given a $250 million bond in December. Many people thought the bail terms were questionable, and SBF hasn’t made things any easier for his attorneys by doing things like contacting former FTX General Counsel Ryne Miller and using a VPN to watch the Super Bowl as they debated.
The DOJ considers these actions, together with release of Caroline Ellison’s private diary to the press, to be so egregious that they warrant revoking the FTX founder’s bail. Unfortunately for SBF, his legal team was unsuccessful, and he has been remanded to jail until his next hearing in October.
When the U.S SEC is taken into account, many observers of the case consider that justice has not been done for Sam Bankman-Fried. Experts think the SEC ignored FTX despite the company’s questionable business practices, while targeting respectable companies like Coinbase and Binance.
Most of these notions of favoritism may be put to rest now that SBF is back in prison. Moreover, as per rumors, he is involved in cryptocurrency schemes like the establishment of a memecoin to pay for his ever-increasing legal bills.
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