Crypto News – In a shocking turn of events, the court allowed the motion from the US Department of Justice (DoJ) asking for the bail of the co-founder and FTX former CEO SBF (Sam Bankman-Fried), to be revoked. On today of the bail hearing, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York took a position because he didn’t seem to buy the defenses offered by the DoJ for the accusations of witness tampering.
Breaking News: Former CEO SBF’s Bail Revoked and Arrested Again Yesterday – 08.11.2023
After being extradited from The Bahamas, where he was initially detained and jailed, the troubled crypto entrepreneur and pioneer was given a $250 million bond in December. Although the bail restrictions were viewed by many as being somewhat controversial, SBF made things difficult for his attorneys by improperly contacting Ryne Miller, a former general counsel for FTX, and by using a Virtual Private Network (VPN) to watch the Super Bowl.
The DOJ thinks that these actions, combined with Caroline Ellison’s decision to share her private diary with the press, are sufficient grounds to revoke the FTX founder’s bail. SBF will now be kept behind bars until his next hearing, which won’t happen until October of this year, despite the best efforts of his attorney.
Is the Handling of the SBF Case Unfair?
The handling of Sam Bankman-Fried‘s legal action, in the opinion of many industry insiders who have been following the issue, has been unfair when the United States Securities and Exchange Commission’s (SEC) involvement is taken into consideration. Commentators assert that the SEC punished reputable companies like Coinbase and Binance exchanges while turning a blind eye to FTX, which has a well-known dubious business model. Most of these allegations of favoritism and claims that SBF was involved in some cryptocurrency schemes, such as the establishment of a memecoin in an effort to pay for his steadily rising legal costs, may be disproved now that he is back in jail.
Bankman-Fried’s Mother Seen Crying
A US judge has ruled that Sam Bankman-Fried, who was detained on fraud-related charges last year after his cryptocurrency business failed, shall remain incarcerated while he awaits trial. Following the verdict, the 31-year-old was brought away while being arrested in court while his mother watched in tears.
The prosecution’s charge that Bankman-Fried attempted to sway witnesses who were scheduled to testify against him was supported by Judge Lewis Kaplan. However, he is in denial of the allegations.
There is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice.
Judge Kaplan
Bankman-Fried was First Arrested in December
He was detained in December on suspicion of misusing funds obtained from investors and users of his defunct cryptocurrency exchange FTX to finance real estate purchases, political contributions, and the plugging of Alameda Research’s losses. The ex-billionaire rejected the allegations and was freed on a $250 million (£197 million) bond to return to his parent’s house in Palo Alto, California.
Prior to being taken away by the US Marshals Service on Friday, he was compelled to surrender the items in his pockets and take them out of his shoes, jacket, and tie, according to Reuters. While watching his son be brought away in handcuffs, the boy’s father, who was present in court, put his palm over his heart.
Crypto Leaks Celebrates Bankman-Fried’s Arrest
On the other hand, Crypto Leaks’ post about Bankman-Fried on its official X account today attracted a lot of attention.
The platform shared an article compiling everything that has happened in the SBF case so far. The article also includes several spy videos. With this content and videos, the platform aims to expose the SBF case and prove that there is more to the case than meets the eye.
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