JUST IN: Sam Bankman-Fried Sent To JAIL

By Vince • August 12, 2023 1:14 pm • Comments

Sam Bankman-Fried has officially been sent to jail after Federal Judge Lewis Kaplan denied the former CEO bail and remanded him to custody.

The disgraced, former CEO of FTX was reportedly denied bail due to alleged witness intimidation on two separate occasions and the use of a VPN to watch sports. …

Bankman-Fried will remain in a low-security facility until his trial on October 2, 2023.

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Colin Wu reports: “U.S. Federal Judge Lewis Kaplan revoked SBF’s bail at the hearing, and SBF was remanded in custody pending his criminal trial on October 2.

Lawyers for SBF have said they plan to appeal. SBF will go to jail today. Earlier, the U.S. DOJ tried to revoke SBF’s bail for sharing Caroline Ellison’s private diary with The New York Times.”

 

Mario Nawfal presented more details:

“SBF is being incarcerated for tampering with at least 2 witnesses. He will be in jail prior to his October trial, facing a range of fraud and conspiracy charges. He may have access to a laptop with an internet connection.

Judge Kaplan determined that “there is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice under Section 1512(b).”

Judge Kaplan also mentioned, “I’m primarily concerned about the possibility of his detention at the MDC, which isn’t considered a five-star facility. However, I recognize that he may have a dedicated laptop there.”

THE SAGA IS COMING TO AN END, SBF IS NO LONGER A FREE MAN But why have access to a Laptop???”

 

CBS News had more on the story:

Prosecutors said he’d tried to harass a key witness last month in his fraud case when he showed a journalist the private writings of his ex-girlfriend Caroline Ellison, who was the CEO of Alameda Research.

There were no bail conditions that would stop Bankman-Fried from tampering with witnesses, prosecutors said.

Nick Tomaino shared his opinion on the matter: “SBF is finally in jail. Good, but we need to talk more openly about why such a fraudulent individual was lifted up as the king of the crypto industry and make sure it doesn’t happen again. Many others will try.”

 

James McLeod points out the irony in the imprisonment of SBF: “It is profoundly funny that SBF is going to sleep in jail tonight partially because he violated his bail conditions by using a VPN to watch a football game for literally no reason.”

 

Coin Edition adds:

In response to this news, Guinness Stache, a crypto investor, humorously questioned the fate of those who had initially provided funds for SBF’s bail. He wondered whether they would be able to reclaim their money or if they were now facing an unfortunate predicament.

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