Prosecutors want disgraced crypto mogul Bankman-Fried in jail ahead of trial – Gist It

Prosecutors want disgraced crypto mogul Bankman-Fried in jail ahead of trial

Prosecutors are moving to have Sam Bankman-Fried, a former cryptocurrency mogul, placed in jail ahead of his trial set for October.

Courtroom Reactions: Prosecutors’ bid to detain Bankman-Fried in jail before his trial stirred surprise in the courtroom.
* Bankman-Fried is currently living under house arrest in California, after being released on a $250 million bond.
* His defense lawyer, Mark S. Cohen, mentioned he was informed about the prosecution’s request just minutes before the court session.

Concerns Raised: Prosecutors are seeking modifications to Bankman-Fried’s bail conditions after an interview involving a key witness for the prosecution was published.
* In an interview with The New York Times, Bankman-Fried shared private information about Caroline Ellison, his ex-girlfriend and former head of his crypto hedge fund, who is expected to testify against him.
* Prosecutors argue this act could be viewed as witness tampering and could affect jury selection.

Interactions with Media: The US government reports that Bankman-Fried has frequently interacted with journalists and the public.
* He has allegedly had over 1,000 phone calls with journalists and over 100 calls with the reporter who wrote about Ellison.
* He is also reported to have had over 500 calls with Michael Lewis, who is currently writing a book about Bankman-Fried.

His Background: Bankman-Fried’s FTX was previously the world’s leading cryptocurrency exchange which collapsed last year.
* After the collapse of FTX, Bankman-Fried was arrested and charged with carrying out one of the largest financial frauds in history.

Judge’s Warning: Judge Lewis Kaplan expressed his seriousness regarding the prosecution’s request for detainment.
* The judge previously agreed to limit Bankman-Fried’s internet access after it was found he used an encrypted messaging app to communicate with an ex-colleague from FTX.
* At the end of the hearing, Kaplan told Bankman-Fried to seriously consider the prosecution’s request.

View original article on NPR

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July 27, 2023

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