FTX Crypto Exchange Founder Denied Release from Jail Amid Fraud Trial Preparations
FTX cryptocurrency exchange founder, Sam Bankman-Fried, denied release from jail ahead of fraud trial due to his inability to access evidence and his refusal to request a trial delay.
FTX cryptocurrency exchange founder, Sam Bankman-Fried, has been denied release from jail by a U.S. federal judge as he prepares for his upcoming fraud trial. Bankman-Fried had argued that the conditions of his confinement at the Metropolitan Detention Center in Brooklyn hindered his ability to adequately review the evidence against him and contribute to his defense.
US JUDGE DENIES FTX FOUNDER SAM BANKMAN-FRIED'S REQUEST TO BE RELEASED FROM JAIL PENDING TRIAL -- COURT FILING
— zerohedge (@zerohedge) September 12, 2023
Note: "poor wifi" is not a valid reason for early release
However, Judge Lewis Kaplan ruled against his motion, stating that Bankman-Fried had not specified which pieces of evidence he had been unable to access and had not requested a trial delay despite the judge's offer to consider such a request. The judge suggested that Bankman-Fried could submit a more detailed application for release at a later time. Bankman-Fried has been in jail since August 11, after the judge found that he had tampered with witnesses. His trial is set to begin on October 3, and he has pleaded not guilty to the charges of stealing billions of dollars from FTX customer funds.
