Based on a latest report by Reuters, Sam Bankman-Fried, former CEO and founding father of the bankrupt cryptocurrency change FTX, has had his bail situations tightened by a US choose following allegations of witness tampering.
Whereas the choose declined to jail Bankman-Fried instantly, he imposed a “gag order” requested by prosecutors and gave each side till August 3 to submit written statements detailing their positions.
FTX Founder Accused Of Witness Tampering By U.S. Prosecutors
Per the report, U.S. Prosecutors had requested that Bankman-Fried be jailed, accusing him of crossing a line by sharing the private writings of his former associate, Caroline Ellison, with a journalist. This was stated to be a second occasion of witness tampering.
Bankman-Fried is dealing with trial over the collapse of FTX, with prosecutors alleging that he stole billions of {dollars} in buyer funds to plug losses at his crypto hedge fund, Alameda Analysis. He has pleaded not responsible to the fees.
Ellison, who was Alameda’s former CEO, has pleaded responsible to fraud prices and has agreed to cooperate with prosecutors. Bankman-Fried has primarily been confined to his dad or mum’s residence in California since his extradition from the Bahamas in December 2020, the place FTX was based mostly.
Nonetheless, Bankman-Fried’s lawyer Mark Cohen argued that his consumer was merely attempting to guard his fame by means of his contacts with journalists and that it will be difficult to arrange for trial if he have been jailed.
Total, buyers and trade contributors will carefully watch the result of Bankman-Fried’s case. The FTX former CEO is a distinguished determine within the cryptocurrency world, and his case will function a key check of the trade’s authorized and regulatory framework.
Featured picture from Unsplash, chart from TradingView.com