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FTX Founder Sam Bankman-Fried Taken into Custody After Bail Revoked Over Witness Tampering Concerns

CryptoFTX Founder Sam Bankman-Fried Taken into Custody After Bail Revoked Over Witness Tampering Concerns

FTX founder Sam Bankman-Fried was taken into custody by federal authorities after a judge revoked his bail. The judge determined that Bankman-Fried had repeatedly attempted to influence witnesses against him, leading to concerns about community safety and witness protection.

Judge Lewis A. Kaplan explained that Bankman-Fried had pushed the boundaries of his $250 million bail package, making it impossible to guarantee community safety, including the protection of witnesses. Bankman-Fried, who had portrayed himself as a cryptocurrency industry savior and enlisted celebrities to promote his businesses, faced allegations of tampering with witnesses, including showing a journalist private writings of a key witness and contacting FTX’s general counsel through encrypted communication.

Despite Bankman-Fried’s defense that his actions were intended to protect his reputation, the judge believed there was probable cause to suspect witness tampering. Bankman-Fried had been under house arrest in Palo Alto, California, but strict internet and phone restrictions did not prevent his questionable communications.

The judge rejected claims that the communication was innocent and suggested it was an attempt to align recollections with the FTX general counsel. Prosecutors had previously called for his incarceration after he showed private writings to The New York Times, violating the bail rules.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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