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New York Judge Orders FTX Founder Sam Bankman-Fried to Jail Before Trial

In a bail hearing for cryptocurrency entrepreneur Sam Bankman-Fried, U.S. District Judge Lewis A. Kaplan revoked his bail and ordered him to await trial in jail. The judge was convinced by prosecutors’ claims that Bankman-Fried attempted to influence witnesses in his fraud case multiple times.

The prosecution presented evidence that Bankman-Fried had harassed a key witness by showing a journalist her private writings and reaching out to the general counsel for FTX, his cryptocurrency exchange, through encrypted communication. Despite Bankman-Fried’s lawyers arguing that he was only trying to protect his reputation from negative news stories, the judge concluded that there was probable cause to believe he had tampered with witnesses on at least two occasions since his arrest in December.

Bankman-Fried, who is 31 years old, has been under house arrest at his parents’ home in Palo Alto, California, since his extradition from the Bahamas. He faces charges of defrauding investors and diverting millions of dollars’ worth of cryptocurrency from customers using his FTX platform. His $250 million bail package includes strict internet and phone usage restrictions.

Prosecutors recently demanded Bankman-Fried’s incarceration, alleging that he violated the bail conditions by providing The New York Times with private writings of his former girlfriend, Caroline Ellison. Ellison, who is also the ex-CEO of Alameda Research, a cryptocurrency trading hedge fund associated with Bankman-Fried, has pleaded guilty to criminal charges and agreed to testify against him.

Bankman-Fried’s defense team argued that the article published by The New York Times actually portrayed Ellison in a sympathetic light and that prosecutors exaggerated Bankman-Fried’s involvement in the piece. They accused the prosecution of relying on “innuendo, speculation, and scant facts” to support their detention request.

Following the prosecution’s request, Judge Kaplan imposed a gag order that prohibits public comments from anyone involved in the trial, including Bankman-Fried. However, David McCraw, a lawyer for The New York Times, raised concerns about the First Amendment implications of a blanket gag order and emphasized the public’s interest in Ellison and her cryptocurrency trading firm.

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