Sam Bankman-Fried Goes to Jail as his Bail gets Denied

Former FTX CEO, Sam Bankman-Fried, known as SBF, had his bail canceled by a judge. This happened because he gave information to reporters that might have tried to scare witnesses.

On Aug. 11, in a New York court, Judge Lewis Kaplan stopped Bankman-Fried's bail. This means he will stay in jail until his two fraud trials are over. Before this, he was out of jail because he paid $250 million.

The judge believed that SBF talked to New York Times reporters to scare his former workmate and girlfriend, Caroline Ellison. Bankman-Fried's lawyers confirmed he spoke to the reporters. So, the judge ordered that no one can talk about the case outside of court.

A U.S. Attorney, Danielle Sassoon, said SBF broke his bail rules more than once. He sent a message to someone at FTX, used a special internet tool, and tried to scare Ellison. The judge said, "He tried to mess with witnesses at least two times. I am going to stop the bail."

Sassoon also mentioned that SBF asked people to delete some messages. His lawyer wanted the judge to let him stay out of jail. But the judge denied them and SBF was taken to jail. His trial will start in October.

Bankman-Fried has two big trials coming in October 2023and March 2024. Some charges against him have been dropped, but others remain.

Reported by Coinpaprika News