Judge Set To Rule On Bail

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In keeping with a latest report by Reuters, Sam Bankman-Fried, former CEO and founding father of the bankrupt cryptocurrency change FTX, has had his bail circumstances tightened by a US choose following allegations of witness tampering.

Whereas the choose declined to jail Bankman-Fried instantly, he imposed a “gag order” requested by prosecutors and gave each side till August 3 to submit written statements detailing their positions.

FTX Founder Accused Of Witness Tampering By U.S. Prosecutors

Per the report, U.S. Prosecutors had requested that Bankman-Fried be jailed, accusing him of crossing a line by sharing the non-public writings of his former companion, Caroline Ellison, with a journalist. This was stated to be a second occasion of witness tampering.

Bankman-Fried is going through trial over the collapse of FTX, with prosecutors alleging that he stole billions of {dollars} in buyer funds to plug losses at his crypto hedge fund, Alameda Analysis. He has pleaded not responsible to the fees.

Ellison, who was Alameda’s former CEO, has pleaded responsible to fraud costs and has agreed to cooperate with prosecutors. Bankman-Fried has primarily been confined to his mum or dad’s dwelling in California since his extradition from the Bahamas in December 2020, the place FTX was based mostly.

Nonetheless, Bankman-Fried’s lawyer Mark Cohen argued that his shopper was merely making an attempt to guard his repute by means of his contacts with journalists and that it might be difficult to organize for trial if he had been jailed.

Total, traders and trade contributors will intently watch the result of Bankman-Fried’s case. The FTX former CEO is a distinguished determine within the cryptocurrency world, and his case will function a key check of the trade’s authorized and regulatory framework.