Sam Bankman-Fried was ordered to return to jail by a U.S. judge who accused the founder of the bankrupt crypto exchange FTX of tampering with witnesses.
Bankman-Fried, who was arrested on fraud charges in connection with last year’s FTX crash, had been under house arrest in Palo Alto after posting a $250 million bail.
But U.S. District Judge Lewis Kaplan on Friday revoked the bail after prosecutors argued that Bankman-Fried tried to intimidate witnesses, including Caroline Ellison, his former girlfriend who was CEO of Alameda Research, a crypto hedge fund he owned, according to media reports. Bankman-Fried shared Ellison’s private and personal writings with the New York Times, which prosecutors argued was an attempt to taint her reputation and influence potential jurors. His attorneys countered that he was trying to defend his reputation.The disgraced crypto executive’s return to jail marked another unexpected twist in one of the biggest fraud scandals involving a major crypto company and executive.
The FTX crash highlighted the dramatic collapse of the crypto market which shed $2 trillion last year. The FTX meltdown was followed by a series of setbacks for the crypto industry, including major layoffs and the collapse of Silvergate Bank. Bankman-Fried, who has been detained at his parents’ home in Palo Alto, has rejected the allegations against him, arguing in a January blog post: “I didn’t steal funds. And I certainly didn’t stash billions away.“
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