• Sam Bankman-Fried (SBF) – the founder and former CEO of FTX – has been sentenced to jail for tampering with evidence and violating his bail conditions.
• The court revoked his bail in a hearing in the early hours of 11 August, due to the US government claiming several misconducts.
• The DoJ pursued jail time for SBF for leaking Alameda CEO – Caroline Ellison’s diary to the New York Times.
Sam Bankman-Fried Jailed
Sam Bankman Fried, popularly known as SBF, was found guilty of violating his bail conditions and has been sentenced to jail as of 11 August. The former FTX CEO had agreed upon certain terms for his release from prison on a $250 million bond, which he then violated.
Violation Of Bail Conditions
The US Department of Justice accused SBF of tampering with witnesses by using a Virtual Private Network [VPN], contacting the FTX.US counsel, and leaking Alameda CEO Caroline Ellison’s diary to the New York Times. Judge Lewis Kaplan stated that its nature was “in part personal and intimate”, adding that they were “personally oriented and not business oriented“. This ultimately led to him being sent back to jail until the start of his trial.
SBF In Prison
The former crypto bigwig will be allowed access to the Internet while in prison but must adhere to strict guidelines with regards to usage. Furthermore, he is also only allowed a phone without an internet connection and laptop with limited functions during this period of incarceration.
Charges Against SBF
The hearing held today determined that Sam Bankman-Fried will face charges related to financial crimes when his trial begins in October 2023. These charges could potentially result in long-term imprisonment if he is found guilty by the courts at that time.
Sam Bankman-Fried’s case serves as an example for all those involved in financial crimes who are currently out on bail or awaiting trial – any violation could land them behind bars even before their day in court arrives