SNEAK PEEK

• Sam Bankman-Fried’s bail revoked ahead of fraud trial over witness tampering claims.
• Founder of bankrupt FTX exchange faces jail, accused of sharing Caroline Ellison`s writings.
• The legal battle highlights freedom of press concerns as the FTX founder’s trial takes an unexpected turn.

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sent to jail as his bail has been revoked ahead of his impending fraud trial. The decision came after prosecutors alleged that Bankman-Fried tampered with witnesses, casting a shadow over his trial scheduled for October.

🚨NEW: Judge Kaplan has DENIED the defense’s request to delay detention pending appeal.

Bankman-Fried will be heading to jail today. Question as to which jail it might be – Putnam County or MDC in Brooklyn. https://t.co/FPd2viNy2k

— Eleanor Terrett (@EleanorTerrett) August 11, 2023

The ruling, announced by Judge Lewis Kaplan during a federal court hearing in Manhattan, has stirred waves in the cryptocurrency community and legal circles alike. Bankman-Fried, who had previously been on bail, was taken into custody right after the hearing, escorted by the US Marshals Service.

The prosecution’s startling move was initiated in late July, asserting that Bankman-Fried had crossed a line by sharing the personal writings of his former romantic partner with a New York Times reporter. The intention, they argued, was to undermine the credibility of his ex-partner, Caroline Ellison, who is slated to testify against him in the upcoming trial.

Bankman-Fried, aged 31, has staunchly maintained his innocence, pleading not guilty to allegations of embezzling billions from FTX customer funds to cover losses incurred by his Alameda Research hedge fund, where Ellison held a key position. Legal maneuvering aside, the case has seen a cascade of admissions and agreements from individuals in Bankman-Fried’s inner circle. Ellison, along with two others, has confessed to participating in the fraudulent activities and pledged cooperation with the US attorney’s office in Manhattan.

Amidst a battle of interpretations regarding Bankman-Fried’s intentions, his lawyers have contended that the sharing of Ellison’s writings was meant to safeguard his reputation and was within his right to interact with the press. Judge Kaplan’s decision, meanwhile, stems from his conclusion that there is compelling evidence suggesting that Bankman-Fried attempted to tamper with witnesses on at least two separate occasions since his arrest in December. A swift response from the defence team has signalled an appeal against the incarceration order, requesting an immediate stay.

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• Source: https://investorbites.com/witness-tampering-accusations-land-ftx-founder-sam-bankman-fried-in-jail/