The bail of Sam Bankman-Fried, the founder of FTX, was revoked on Friday following a ruling in favor of federal prosecutors. He was taken back into custody immediately after the court hearing, as reported by The Associated Press.
U.S. District Judge Lewis Kaplan rescinded Bankman-Fried’s bail due to allegations of witness tampering on his part. Prosecutors claimed that this interference involved harassment of a key witness by sharing her personal information with a journalist and contacting FTX’s general counsel through encrypted communication.
Kaplan agreed that there was sufficient evidence to believe that Bankman-Fried attempted to tamper with witnesses on at least two occasions since his initial arrest.
Consequently, the revocation of bail means that the former cryptocurrency tycoon is now headed to jail. Bankman-Fried was originally charged with multiple financial crimes, including wire fraud and money laundering, by the U.S. government in December.
Bankman-Fried’s legal team argued that he should not be imprisoned for his efforts to protect his reputation amidst negative media portrayals surrounding him. Attorney Mark Cohen requested the judge to suspend the incarceration order, but Kaplan rejected the plea. In response, within an hour, an appeal notice was filed, according to AP.
The reporting by The Associated Press contributed to this article.
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