You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

FTX Co-Founder Sam Bankman-Fried Appeals for Temporary Jail Release

Sam Bankman-Fried, the co-founder of FTX, is requesting a temporary release from incarceration to collaborate on his defense strategy with his legal team at the Manhattan federal courthouse.

This past Friday, a letter was dispatched to US District Judge Lewis Kaplan by attorneys representing Bankman-Fried. The letter highlighted their concerns about the difficulties their client faces in comprehensively reviewing significant volumes of case-related documents while confined in Brooklyn’s Metropolitan Detention Center (MDC).

Christian Everdell, Bankman-Fried’s legal representative, noted that they have just received almost a million pages of Slack interactions from the government. These documents, which should have been handed over a while ago, will be nearly impossible for Bankman-Fried to peruse given the current circumstances, Everdell emphasized.

Everdell underscored the importance of Bankman-Fried having the opportunity to collaborate intensively with his attorneys and access an internet-connected laptop at the courthouse. This is vital for the efficient review of the case, particularly since his fraud trial is set for October.

In reaction to this request, the prosecution voiced reservations about Bankman-Fried’s adherence to stipulations concerning his defense strategy. They pointed out that he has not yet shared all pertinent details about the counsel upon which he based his actions.

The prosecutors further cautioned that if Bankman-Fried doesn’t swiftly provide specifics about the guidance he obtained and its origin, he should be barred from presenting such a defense during the trial.

The prosecution proposed transferring the documents to hard drives for Bankman-Fried to access while at MDC, but the idea of using a laptop there was deemed impractical.

At first, the idea of relocating Bankman-Fried to a smaller facility upstate, where he could use an internet-connected laptop, was contemplated. However, prison authorities rejected this suggestion.

The Metropolitan Detention Center, known for its tough environment, is infamously viewed by inmates.

Bankman-Fried Jailed Due to Unauthorized Use of Internet

Last week, Judge Kaplan remanded the beleaguered cryptocurrency magnate back to custody, citing concerns over alleged witness interference.

Judge Kaplan expressed that there’s credible evidence suggesting the defendant tried to meddle with witnesses on a minimum of two instances.

Bankman-Fried’s unsanctioned use of the internet during his bail period at his parent’s home in California also weighed in on the decision. Judge Kaplan determined that Bankman-Fried had not only excessively communicated with individuals through text but had also employed a virtual private network.

In another twist, the embattled FTX founder is now confronted with fresh charges by the Department of Justice (DOJ), which include the misappropriation of client funds.

A recent indictment presented on Monday alleges that Bankman-Fried diverted and misused customer deposits from FTX, channeling the purloined funds to finance political campaign donations exceeding $100 million, leading up to the 2022 US midterm elections.

The indictment further details that despite Bankman-Fried being fully cognizant of FTX’s fiscal deficiencies, he persistently utilized the misappropriated funds for his individual investments, corporate takeovers, and political donations.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024