Judge Revokes Bankman-Fried’s Bail for Witness Tampering

1. Sam Bankman-Fried’s $250 million bail has been revoked by Judge Lewis Kaplan.
2. The bail revocation was due to SBF’s alleged witness tampering related to his ex-girlfriend Caroline Ellison.
3. SBF contacted journalists and provided personal writings from Ellison.

In a recent development, a federal judge in New York has taken the decision to revoke the bail of prominent cryptocurrency figure Sam Bankman-Fried (SBF), founder of FTX, following allegations of witness tampering. Various media outlets have reported on this significant turn of events.

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Prosecutors leveled accusations of witness tampering against Bankman-Fried, leading to the judge’s decision to keep him in custody until his upcoming trial on fraud charges, which is set for October. Bankman-Fried, aged 31, had previously been allowed to remain at his home in Palo Alto, California, with the support of a $250 million bond signed by his parents. However, the collapse of FTX, once among the largest cryptocurrency exchanges globally, prompted a shift in his circumstances.

US District Judge Lewis Kaplan, presiding over the case, asserted that there existed “probable cause to believe that the defendant has attempted to tamper with witnesses at least twice.” While Bankman-Fried’s defense argued that his actions were aimed at safeguarding his reputation, prosecutors contended that his efforts indirectly interfered with a key witness, identified as his former girlfriend Caroline Ellison.

Bankman-Fried provided journalists from The New York Times with personal writings penned by Ellison during her tenure as CEO of Alameda Research, a cryptocurrency hedge fund connected to Bankman-Fried. 

These documents exposed her innermost thoughts about her professional life and her relationship with Bankman-Fried in the period leading up to the demise of FTX. Judge Kaplan emphasized that the apparent motive behind leaking Ellison’s writings appeared to be to “hurt, discredit, and frighten the subject of the material.”

As the legal proceedings unfold, Bankman-Fried’s legal team is expected to launch an appeal against the decision to revoke his bail. The case has captured the attention of the cryptocurrency community, with implications for both the legal landscape and the reputation of the industry as a whole.

Read Also :

• U.S. Judge Cautious of SBF’s FTX Conduct
• Judge Reject SEC Motion to Revoke Amici Status and Bar John Deaton
• Beware of Hardware Wallet Scams: A Case of Trezor Model T Fraud
• Ex-Alameda CEO Escapes Serious Allegations, To Bail $250K
• Prosecutors: SBF Sought to Manipulate Witness Through Signal