Sam Bankman-Fried, the founder and former CEO of FTX, has had his bail revoked and is currently facing the possibility of being imprisoned, according to information reported by Reuters on August 11th.
As per the report, U.S. District Judge Lewis Kaplan decided to revoke Bankman-Fried’s bail due to concerns about potential witness tampering. Judge Kaplan revealed that Bankman-Fried had provided documents related to a former associate named Caroline Ellison to the New York Times in a direct meeting at his parents’ home. The judge argued that Bankman-Fried knew that this action would make it less likely for him to be arrested and believed that he was covering up crucial information.
Separate reports from The New York Times quoted Judge Kaplan stating that Bankman-Fried had “pushed the envelope time and again,” contributing to the decision to revoke his bail. Bankman-Fried had attempted to contact other relevant parties over the course of this year.
Federal prosecutors debated the bail revocation for Bankman-Fried on July 26th. They explained that Bankman-Fried’s actions could potentially unsettle witnesses if he were allowed to remain out on bail, and they asserted that the current gag order in place was insufficient to address this concern.
Reuters reported that Bankman-Fried was arrested after the latest court hearing. Both of his parents were present in the courtroom.
Regarding his place of detention, specific details have not been confirmed. However, prosecutor Danielle Sassoon suggested that Bankman-Fried should be held at Putnam County Correctional Facility with medium security levels. This arrangement would allow him to have online access to a laptop so that he could review evidence prior to his trial.