Sam Bankman-Fried’s bail conditions still too lenient, says judge

Sam Bankman-Fried, the Bitcoin billionaire and CEO of cryptocurrency exchange FTX, faced a hearing on June 3 where US District Judge Lewis Kaplan criticized the leniency of his bail conditions.

SBF had been arrested in May 2021 for alleged money laundering and securities fraud. He was released in June on a $20 million bail bond and restrictions on his communication with any person who is a possibility for the securities fraud.

The prosecution argued that the bail money was insufficient for the nature of the alleged crime and that SBF should agree to additional restrictions. However, at the hearing judge Kaplan said, “I’m just not convinced that the existing bail terms are enough.” He further expressed concern that SBF could find ways to evade the restrictions and covertly communicate with others electronically.

This latest development comes after SBF pleaded not guilty to fraud and money laundering charges, claiming that he and his company were compliant with all applicable regulations. The case will be heard in United States district court in New York early next year, and SBF is facing a possible sentence of 10 years and a seven-figure fine in the event of conviction.

Sumamry :

U.S. District Judge Lewis Kaplan expressed concern that SBF could find ways to evade the restrictions and covertly communicate with others electronically. Sam Bankman-Fried, the Bitcoin billionaire and CEO of cryptocurrency exchange FTX, was arrested in May 2021 for alleged money laundering and securities fraud. He was released in June on a $20 million bail bond and restrictions on his communication with any person who is a possibility for the securities fraud. The case will be heard in United States district court in New York early next year.

Categories

Cryptocurrency Exchange