processes
Crypto founder Bankman-Fried transferred from house arrest to detention
FTX founder Sam Bankman-Fried exits federal courthouse in Manhattan, New York. photo
© Bebeto Matthews/AP/dpa
The entrepreneur faces multiple charges including fraud and conspiracy. According to the court, he is said to have tried to intimidate witnesses in the case.
The founder of the collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, must his Get out of house arrest and go to jail instead.
Judge Lewis Kaplan on Friday dismissed bail and ordered the 31-year-old to leave his parents’ home in California and be held in custody in the Brooklyn borough of New York. Bankman-Fried is said to have tried to intimidate witnesses, the New York court said yesterday.
“He’s pushed the limit over and over again and I’m withdrawing the bail option,” Kaplan said in announcing his decision, according to US media reports. Former billionaire Bankman-Fried faces 13 counts, including fraud and conspiracy. His trial is scheduled to begin on October 2nd.
The entrepreneur was arrested on December 12, 2022 at the instigation of the US judicial authorities in the Bahamas. FTX had its headquarters there. Before the collapse, these were one of the largest trading centers for so-called cryptocurrencies such as the digital money Bitcoin.