Sam Bankman-Fried Back in Jail as Bail Revoked

Reports are indicating that Sam Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, is back in jail as Judge Lewis Kaplan has revoked his bail.

Bankman-Fried has been out on bail almost since his arrest.

Apparently, the prosecutors involved in the case convinced the Judge that Bankman-Fried was attempting to influence a “key witness” in the case.

Last month, it was reported that Bankman-Fried was leveraging the news media to “harass” a witness.  At that time, the Judge gave the prosecutors and defense attorneys several days to write up their arguments.

Bankman-Fried is the target of both a civil case by the SEC and a criminal case by the US Department of Justice for his actions regarding the collapse of FTX and some of its affiliated entities. FTX filed for bankruptcy when crypto markets went South and the company found itself unable to cover redemptions. The failure has been described as a “Ponzi scheme.”


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