Market News

FTX founder Sam Bankman-Fried Denied Bail

Sam Bankman-Fried of FTX Appeals Detention Order

The former CEO of FTX, Sam Bankman-Fried (SBF), faces continued detention as the court rejects his recent bail request, compelling him to await sentencing and a potential appeal.

In a mandate dated November 21, the Appellate Court upheld the decision to revoke SBF’s bail, referencing earlier findings in September that affirmed witness tampering allegations.

The previous appeal in September saw Circuit Judges supporting Judge Kaplan’s ruling that SBF attempted to tamper with witnesses, forming the primary basis for his detention.

The recent denial of bail also revolves around persistent concerns about witness tampering, especially in the context of a potential appeal.

SBF’s legal team, aiming for his release, argued for an appeal to challenge his conviction. However, the court found these arguments unconvincing, emphasizing the ongoing risk of witness tampering.

With the belief that Sam Bankman-Fried could tamper with witnesses, particularly if he pursues an appeal, he is set to remain in jail for the foreseeable future. The sentencing is scheduled for March 28, 2024, with no notice of appeal filed yet.

Despite the delay in filing post-trial motions, SBF’s defense has been granted an extension until December 1. Following this, the defense is expected to file their motions, likely centered around requests for a new trial, to vacate, or to set aside the verdict.

The government’s response is due on December 22, with the defense having the right to reply by January 8, 2024, shaping the trajectory of SBF’s legal battle in the coming months.

Tags

I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.