FTX founder Sam Bankman-Fried, the disgraced crypto firm founder caught misappropriating billions of dollars from the company before its bankruptcy, has been sent to jail.
Bankman-Fried initially dodged jail time, but according to ABC News, a judge changed that situation quickly this week after prosecutors accused the disgraced crypto king of witness tampering.
The 31-year-old was already in serious trouble, but his legal situation has grown significantly more severe.
BREAKING: Judge revokes bail for FTX founder Sam Bankman-Fried over witness tampering, crypto mogul sent back to jail pending trial. pic.twitter.com/yC9UFOfBK6
— TaraBull (@TaraBull808) August 11, 2023
"The record here establishes that the defendant went beyond benignly exercising a constitutional right to speak to the press -- he took covert steps intended to improperly discredit a trial witness and taint the jury pool," prosecutors said.
They added, "[T]he Government seeks the only appropriate relief consistent with the defendant's escalating evasions of his bail conditions: that bail be revoked and the defendant be detained pending trial."
Instead of living the good life at home until his October trial, Bankman-Fried will now live at the Metropolitan Detention Center in Brooklyn until his trial date.
At issue were a series of love letters that he reportedly leaked to The New York Times.
The New York Post reports:
US District Judge Lewis Kaplan sided with federal prosecutors who argued that Bankman-Fried had jeopardized his upcoming trial by leaking the personal writings of his former lover and business associate Caroline Ellison to a New York Times reporter.
Prosecutors said Bankman-Fried attempted to "tamper with witnesses at least twice" since December. A request filed by his lawyers for an immediate stay on the incarceration ruling was rejected.
Since his arrest, the former crypto king, unlike any other regular American citizen convicted of such crimes, has lived without much worry under the supervision of his parents at their swanky Palo, Alto residence.
His $250 million bond was reported to be the largest in pretrial history.
🚨BREAKING: FTX's Sam Bankman-Fried TO BE JAILED | Bail Revoked
SBF is being incarcerated for tampering with at least 2 witnesses.
He will be in jail prior to his October trial, facing a range of fraud and conspiracy charges.
He may have access to a laptop with an internet… pic.twitter.com/1sj8fMm8cO
— Mario Nawfal (@MarioNawfal) August 11, 2023
Bankman-Fried pleaded not guilty to the charges he faces, but after his trial wraps, a jury could have a much different view.