FTX Founder SBF's Bail Ruling Imminent
Sam Bankman-Fried, the former CEO and founder of FTX, a bankrupt cryptocurrency exchange, has had his bail conditions tightened by a US judge. This follows allegations of witness tampering made against him. The judge did not immediately jail Bankman-Fried but imposed a "gag order" requested by prosecutors. Both sides have until August 3 to submit written statements detailing their positions. This information is according to a recent report by Reuters.
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FTX Founder SBF's Bail Ruling Imminent. FTX Founder Accused Of Witness Tampering By U.S. Prosecutors
Bankman-Fried, former CEO of Alameda Research and FTX, is facing trial over allegations of stealing billions of dollars in customer funds to cover losses at his crypto hedge fund. He has pleaded not guilty to the charges. Additionally, U.S. prosecutors have accused him of witness tampering by sharing personal writings of his former partner with a journalist. Bankman-Fried has been confined to his parent's home in California since his extradition from the Bahamas in December 2020. His lawyer argues that his contacts with journalists were an attempt to protect his reputation, and that it would be difficult to prepare for trial if he were jailed. The outcome of this case will be closely watched by investors and industry participants, as it will serve as a key test of the cryptocurrency industry's legal and regulatory framework. FTX Founder SBF's Bail Ruling Imminent.
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