Proactive Investors - US judges have denied bail requests from Sam Bankman-Fried’s lawyers, meaning the founder and former head of collapsed cryptocurrency exchange FTX will remain behind bars at the Metropolitan Detention Center in Brooklyn, awaiting trial.
Bankman-Fried was initially placed under house arrest at his parents' California home on a $250 million bail, following his extradition from the Bahamas on accusations of widespread fraud and theft of customer funds through FTX.
But his bail was revoked on August 11 for alleged witness tampering and witness intimidation cases involving former girlfriend and colleague Caroline Ellison.
The US Attorney's Office labelled Bankman-Fried’s appeal against the bail revocation as "meritless", highlighting two instances where Bankman-Fried allegedly attempted to tamper with witnesses, violating court orders and the conditions of his pre-trial release.
Sankman-Fried is said to have initiated contact with the former general counsel of FTX.US, who is a potential trial witness.
The second instance occurred in July 2023, where he was found to have leaked private journal messages of Ellison to the New York Times, in an attempt to potentially influence the jury's perception in the upcoming trial.
His legal team is seeking more time for him to review evidence in preparation for his defence, citing inadequate facilities and limited internet access at his current detention centre.
But with a trial date scheduled for October 3, his time to prepare a defence against some of the most high-profile fraud allegations in US history rapidly closing in.