2023-08-11 22:29:00
Sam Bankman-Fried
The FTX founder is in prison awaiting his sentence.
(Photo: Reuters)
The founder of bankrupt crypto exchange FTX, Sam Bankman-Fried, is awaiting trial for bail violations in prison. US District Judge Lewis Kaplan, at a court hearing Friday, followed prosecutors’ request to overturn the bail order because Bankman-Fried attempted to influence witnesses. His defense announced an appeal.
The judge denied a defense motion to stay Bankman-Fried’s detention pending an appeal. Bankman-Fried was taken away in handcuffs after the hearing.
The 31-year-old is accused of siphoning off huge sums of money from investors on his platform and using it to buy luxury properties, make donations to politicians and carry out risky financial transactions. Since his extradition by the Bahamas, he has been under house arrest at his parents’ home on conditional bail of $250 million. The trial is scheduled to begin in October.
>> Read about this: US prosecutors expand lawsuit against FTX founders
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