A U.S. appeals court on Thursday upheld a judge's decision to jail former cryptocurrency billionaire Sam Bankman-Fried ahead of his Oct. 3 trial on fraud charges stemming from the November 2022 collapse of his now-bankrupt FTX exchange. The decision was issued by the 2nd U.S. Circuit Court of Appeals in Manhattan. U.S. District Judge Lewis Kaplan had revoked Bankman-Fried's $250 million bail on Aug. 11, finding probable cause to believe that the defendant had tampered with witnesses.
Former FTX Chief Executive Bankman-Fried at a courthouse in New York
This included his sharing the personal writings of Caroline Ellison, the former chief executive of his Alameda Research hedge fund, with a New York Times reporter. A lawyer for Bankman-Fried told the appeals court on Sept. 19 that Kaplan failed to credit the defendant for exercising his First Amendment constitutional right to speak with the press and try to restore his reputation.
But the judges appeared slightly more open to Bankman-Fried's argument that a lack of internet access at Brooklyn's Metropolitan Detention Center was impeding his preparation for trial in the complicated case.
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