Aaryamann Shrivastava
FXStreet
- Ex-CEO of bankrupt exchange FTX, Sam Bankman-Fried, reportedly made 100 calls to a New York Times reporter.
- Per Assistant US Attorney, Bankman-Fried used his bail freedom to intimidate Caroline Ellison by leaking private documents.
- The US Attorney demanded a revocation of his bail, for which the hearing will begin on Thursday.
The FTX saga continues to make headlines as the founder and former Chief Executive Officer (CEO) Sam Bankman-Fried has been warned by the Judge presiding over the criminal case against him. In the most recent development, the ex-CEO has placed himself in the position of potentially going back to jail.
Sam Bankman-Fried could lose his freedom
The US government charged Sam Bankman-Fried with multiple criminal charges, and the case is set to go to trial at the beginning of October after the FTX founder pleaded not guilty. Post his arrest, he was released on a $250 million bail that is now under the threat of being revoked.
According to the court documents, Assistant US Attorney Danielle Sassoon, on behalf of the government, requested remand and revocation of Bankman-Fried’s bail. The reason given by Sassoon was that the former FTX executive had been using his bail freedom to intimidate his former colleague, Caroline Ellison.
Ellison pleaded guilty to her charges of multiple fraud and money laundering. She also provided details regarding Sam Bankman-Fried’s involvement in receiving millions of dollars worth of loans from Alameda Research.
According to the hearing on July 26 in District Court, Sam Bankman-Fried made over 100 calls to a New York Times reporter, Michael Lewis. Lewis also visited the FTX founder’s residence, where Bankman-Fried is suspected to have shared Ellison’s private documents and journals.
In response to the request for the revocation of bail, Sam Bankman-Fried’s lawyers stated,
“This is a complex case, we could not work with our client if he were remanded. We ask you to deny the application. Or given us a change to make a written submission.
To this, Judge Kaplan provided the US Attorneys a deadline of July 28 to present their arguments, to which Bankman-Fried’s lawyers will be allowed to respond by August 3. However, towards the end of the hearing, Judge Kaplan was noted stating to Sam Bankman-Fried to take the case seriously.
SBF's lawyer: We'll respond by Aug 1.
— Inner City Press (@innercitypress) July 26, 2023
Judge Kaplan: Reply August 3. I'll docket the order. I am mindful of the First Amendment, and of the government's interest. Mr. Bankman-Fried, you better take it seriously too.
Adjourned - story soon on https://t.co/mmos6LonY0
On the other hand, under the management of CEO John Ray, FTX is expected to relaunch the exchange and make its creditors whole. An option to do so was also being speculated in the form of shares of exchanges that the creditors would hold as reimbursement.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.