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FTX’s Sam Bankman-Fried to be jailed after bail revoked – DW – 08/11/2023

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A US District ordered the founder of FTX, Sam Bankman-Fried, to be jailed before his trial.

He under house arrest after he was arrested on fraud charges last year after the implosion of cryptocurrency firm FTX.

On Friday, Judge Lewis Kaplan revoked his bail, after finding probable cause that he tampered with witnesses at least twice.

He was detained after the ruling and will remain in custody until the start of his October fraud trial.

Bankman-Fried had previously pleaded not guilty to stealing billions from FTX customer funds to cover Alameda Research hedge fund losses.

A defense lawyer said an appeal of the incarceration order would be filed.

More to follow…

lo/ (Reuters/AFP)

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