Sam Bankman-Fried jailed ahead of trial

A federal judge revoked the bail release of FTX founder Sam Bankman-Fried (SBF) and ordered him held in custody until the next hearing in the case, scheduled for October. CoinDesk reports.

Earlier, with a motion to reconsider the bail terms, the U.S. Department of Justice argued that, while free, Bankman-Fried had contact with former FTX.US general counsel Ryan Miller, used a VPN to allegedly watch the Super Bowl, and shared personal notes of former Alameda Research head Caroline Ellison with The New York Times.

The defense acknowledged that notes were provided to journalists, though it disputed any impact on a witness’s testimony. Lawyers also argued that the arrest would hinder preparation for the hearing. However, the court was not persuaded by these arguments.

The next hearing on the main charges is scheduled for early October. He will face another proceeding, initially scheduled for March 2024, on additional charges brought by the DOJ after his extradition to the United States.

Some pretrial motions from the prosecution and defense are due to be filed with the court by Monday, 14 August.

SBF was charged with 13 criminal offenses. Later, prosecutors dropped charges of financing certain politicians as part of a deal with the defense.

The FTX founder did not plead guilty to any of the counts, including the bribery of a Chinese official.

Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he was released on $250 million bail.