News - Sam Bankman-Fried must remain in jail

By Sam Fröling

Sam Bankman-Fried must remain in jail

Sam Bankman-Fried, must remain in jail

Sam Bankman-Fried the founder of the bankrupt crypto exchange FTX, will not receive house arrest. That's what a judge has decided.

To avoid going to jail during his trial, FTX founder Sam Bankman-Fried had posted $250 million in bail. But because of new allegations, serving Judge Lewis Kaplan had ordered that Sam Bankman-Fried's house arrest be lifted.

Bankman-Fried's lawyers appealed, unsuccessfully: SBF must remain in jail until the trial begins. This decision took place yesterday on Sept. 12 by Judge Kaplan, Reuters reports.

Another setback for Sam Bankman-Fried

The new decision is just one of many setbacks for the FTX founder. Just a few days ago, his ex-manager Ryan Salame pleaded guilty. Judge Kaplan also seems to show no mercy in the laptop dispute.

It could also be decided today whether FTX will be allowed to sell its remaining crypto assets during the insolvency administration. If approved, large amounts of Solana (SOL), Bitcoin (BTC) and Ethereum (ETH) could flood the market and lead to a reaction from the altcoins.

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