News - Sam Bankman-Fried continues to break rules. House arrest revoked

By Ted Maas

Sam Bankman-Fried continues to break rules. House arrest revoked

A turning point in the FTX lawsuit. FTX founder Sam Bankman-Fried may not continue his house arrest in his parents' home, but must now watch the trial from jail. Here are all the facts.

To avoid going to jail during his trial, FTX founder Sam Bankman-Fried had posted US$250 million in bail. For this amount, he could exchange his pretrial detention in jail for house arrest with his parents. That has now come to an end.

Judge Lewis Kaplan ruled that bail should be revoked. New charges against Bankman-Fried have come to light in New York court. The upshot? SBF must serve jail time until the end of his two fraud trials in the FTX case are resolved.

For example, the FTX founder allegedly violated bail conditions on several occasions. "Given the evidence, I conclude that it is likely that the defendant attempted to influence witnesses on at least two occasions," the judge summarized and concluded, "All things considered, I will revoke bail."

Assistant US Attorney Danielle Sassoon allegedly cited Bankman-Fried's violations of previous bail conditions, including a message on the Signal app to FTX US General Counsel Ryne Miller in January, using a virtual private network for his Internet activities and leaking information to New York Times reporters for the purpose of harassing former Alameda Research CEO Caroline Ellison. In addition, Bankman-Fried allegedly ordered witnesses to remove messages and documents.

Bankman-Fried's legal team appealed the jail sentence. However, the judge denied the request and ordered Bankman-Fried remanded in custody. SBF will now be transferred to the Putnam County Correctional Facility. When the trial begins in October, Bankman-Fried may be transferred to the Metropolitan Detention Center in Brooklyn.

The bad news doesn't stop there for the FTX founder. A few days ago, a new allegation was revealed that Bankman-Fried is suspected of, among other things, triggering a Memecoin collapse.

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