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Federal prosecutors have requested that Sam Bankman-Fried’s bail be revoked as the previous FTX CEO awaits trial, the Related Press reported on July 26.
Earlier, prosecutors alleged that Bankman-Fried leaked the non-public writings of Caroline Ellison to the New York Occasions. Ellison was previously the CEO of FTX’s sister agency, Alameda Analysis, and was briefly in a relationship with Bankman-Fried.
Ellison is at present set to behave as a witness at Bankman-Fried’s trial, and prosecutors accordingly argued that Bankman-Fried’s alleged info sharing constituted witness tampering. These prosecutors initially pursued a gag order to forestall additional disclosures. Nonetheless, prosecutors now consider that no bail situations can forestall Bankman-Fried from influencing witnesses and have demanded his imprisonment.
Bankman-Fried’s lawyer, Mark Cohen, acknowledged that his shopper pleads not responsible and mentioned that prosecutors informed him of their incarceration request simply moments earlier than the newest listening to.
Decide Lewis A. Kaplan has given each side of the case a number of days to submit written arguments on the matter. The decide mentioned that he’s “very aware” of each the federal government’s pursuits and Bankman-Fried’s First Modification, or free speech, rights. He equally urged Bankman-Fried to take the federal government’s request significantly.
Decide Kaplan beforehand prompt the potential for incarcerating Bankman-Fried as a consequence of his repeated makes an attempt to bypass constraints on his digital communications, in response to the Related Press. Prosecutors and Bankman-Fried’s authorized group largely agreed on communications restrictions in February; Bankman-Fried was believed to have contacted different people associated to FTX round that point.
SBF’s October trial looms
Bankman-Fried is at present going through 13 fees, along with his legal trial scheduled to start on Oct. 2, 2023. If convicted, the previous FTX CEO might be sentenced to as much as 115 years in jail.
The previous FTX chief will stay on his $250 million bail within the months main as much as that date. Since his arrest and extradition from the Bahamas in December, Bankman-Fried has been underneath home arrest at his guardian’s dwelling in Palo Alto, California, and has been compelled to abide by the communications restrictions described above.
FTX collapsed in November 2022 because it skilled a run on accounts. The corporate, now led by its substitute CEO John Ray III, is at present present process chapter proceedings.
The submit Federal prosecutors need Sam Bankman-Fried’s bail revoked appeared first on CryptoSlate.
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