Former FTX CEO Sam Bankman-Fried’s bail revoked ahead of October trial | TechCrunch

Sam Bankman-Fried, the previous CEO of the now-bankrupt crypto trade FTX, had his bail revoked forward of his October trial, US District Court docket Choose Lewis Kaplan mentioned on Friday.

The choice got here after allegations that Bankman-Fried leaked the diary of Caroline Ellison, the previous CEO of FTX’s investment-arm Alameda Analysis, to the New York Occasions. Kaplan introduced the choice in a federal courtroom in Manhattan on Friday afternoon.

Bankman-Fried is facing a number of charges, together with defrauding FTX traders, from the U.S. Securities and Trade Fee, the Commodity Futures Buying and selling Fee and the Southern District of New York’s lawyer’s workplace. He plead not guilty to U.S. legal fees earlier this 12 months.

Initially, Bankman-Fried requested entry to Google Drive, which he mentioned was “for discovery,” Inside Metropolis Press reported that Assistant US Lawyer Danielle Sassoon said on Friday on the listening to. “Then he used it to present Ms. Ellison’s paperwork to the New York Occasions.”

In a July 26 listening to, Kaplan inhibited Bankman-Fried from talking publicly about his case, six days after the New York Occasions article on Ellison’s diary was published.

He was previously beneath home arrest at his mother and father’ residence in Palo Alto, Calif., on a $250 million bond, since his December 2022 arrest, however is now going through repercussions for allegedly intimidating witnesses like Ellison.

The federal choose mentioned a gag order wasn’t adequate given Bankman-Fried’s repeated misbehavior for crossing “a line.”

Kaplan said through the listening to there’s a “chance that he will likely be detained on the [The Metropolitan Detention Center], not on anybody’s checklist of 5 star amenities.” However famous Bankman-Fried might be able to have a “devoted laptop computer” on the jail in Brooklyn, New York, for 9 to 11 hours a day.

In late December, Ellison and former FTX co-founder Gary Wang plead guilty to a number of fees and accepted plea agreements that supply diminished sentencing in trade for cooperating with U.S. authorities.

This can be a creating story and could also be up to date as extra info arises.