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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
FTX

BREAKING: FTX Founder Sam Bankman-Fried Locked Up For Evidence Tampering

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a stunning turn of events, FTX founder Sam Bankman-Fried has been ordered to await trial behind bars after a bail hearing revealed alleged attempts to influence witnesses against him, according to a recent report by the St. Louis Post. 

The decision, made by US District Judge Lewis A. Kaplan, came after prosecutors presented evidence suggesting Bankman-Fried had engaged in harassment tactics, including disclosing the private writings of a key witness to a journalist.

FTX Founder Sentenced To Jail

Bankman-Fried, a 31-year-old cryptocurrency entrepreneur, had been under house arrest at his parent’s residence in Palo Alto, California, since his extradition from the Bahamas in December.

Related Reading: Is The Digital Euro Doomed To Fail? Here’s What The Experts Say

Facing charges of defrauding investors and diverting millions of dollars worth of cryptocurrency through his FTX exchange, Bankman-Fried had been operating under strict bail conditions, including limited internet and phone access.

Prosecutors argued that Bankman-Fried violated these conditions by providing The New York Times with private writings belonging to Caroline Ellison, his former girlfriend and the ex-CEO of Alameda Research, FTX’s trading arm. 

They claimed that this act was an attempt to “besmirch” Ellison’s reputation and potentially influence future jurors for his upcoming trial. Ellison herself has already pleaded guilty to criminal charges and agreed to testify against Bankman-Fried.

Bankman-Fried’s legal team countered these allegations, asserting that the article published by The New York Times portrayed Ellison sympathetically, implying that their client’s intentions were misunderstood. 

They also criticized the prosecution for relying on circumstantial evidence and insubstantial facts to incarcerate Bankman-Fried.

Furthermore, a gag order has been imposed, preventing individuals involved in the trial, including Bankman-Fried, from making public comments. 

Per the report, this move has raised concerns about the potential infringement on First Amendment rights and the public’s interest in understanding the case and Ellison’s involvement.

David McCraw, a lawyer representing The New York Times, has emphasized the importance of the freedom of the press and public curiosity regarding Ellison’s role in the alleged fraud scheme. 

Acknowledging the need for timely and accurate reporting, McCraw highlighted the newspaper’s commitment to providing fair and relevant information to its readers. As the legal battle intensifies, public attention remains fixed on the outcome of Bankman-Fried’s trial. 

Related Reading: Bitcoin Hater Peter Schiff’s Reaction To CPI Data: ‘The Fed Has Lost’

The allegations against him, combined with the involvement of high-profile individuals and the intricate world of cryptocurrency, underscore the significance of this case within the evolving landscape of digital finance. 

The court proceedings will undoubtedly shape the future of FTX and potentially carry broader implications for the cryptocurrency industry as a whole.

FTX
FTX’s native token showed a 1.2% decline in the past 24 hours on the 1-day chart. Source: FTTUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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