A federal judge has revoked the bail release of FTX founder Sam Bankman-Fried (SBF) and ordered him to be held in custody until his next court hearing scheduled for October. This development has been reported by CoinDesk.
The US Department of Justice (DOJ) had petitioned for a review of Bankman-Fried’s bail conditions. The agency argued that while on bail, Bankman-Fried had been in contact with former FTX.US General Counsel Ryan Miller, allegedly used a VPN to watch the Super Bowl, and shared personal records of former Alameda Research head Caroline Ellison with The New York Times.
The defense acknowledged the act of sharing records with journalists but contested their impact on witness testimony. Bankman-Fried’s lawyers also insisted that his arrest would hinder his trial preparation. However, the court was not persuaded by these arguments.
The next hearing on the main charges against Bankman-Fried is scheduled for early October. He will also face another trial, tentatively set for March 2024, for additional charges brought forth by the DOJ after his extradition to the US.
Some pre-trial motions from both the prosecution and defense sides are expected to be presented to the court by Monday, August 14.
Recall that Bankman-Fried faced 13 criminal charges. Later, the prosecution dropped charges related to financing certain politicians as part of a deal with the defense.
The FTX founder has pleaded not guilty to all charges, including bribing a Chinese official.
Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he was initially released on a $250 million bail.
The decision to detain Sam Bankman-Fried until October reflects the gravity of the allegations against him. With generative AI concerns and data privacy issues at play, it’s a complex landscape that highlights the intersection of technology and legal matters. The upcoming hearings will likely shed more light on this intricate case.
The court’s move to revoke Bankman-Fried’s bail underscores the seriousness of the charges. The involvement of top legal minds and the sharing of sensitive data exemplify the challenges faced by high-profile figures in the crypto space. It’s a case that underscores the growing need for better understanding the legal implications of emerging technologies.