Former FTX CEO, Sam “SBF” Bankman-Fried, will remain incarcerated until the commencement of his criminal trial on October 3rd, according to a federal judge’s order.
The decision came during a September 28th hearing held in the United States District Court for the Southern District of New York, where Judge Lewis Kaplan rebuffed a plea from SBF’s legal team, who had sought his temporary release for trial preparations.
This request had been pursued vigorously by Bankman-Fried’s defense since his bail was revoked on August 11th due to allegations of witness intimidation.
Notably, the matter had twice been appealed without success.
Judge Kaplan cited concerns about SBF potentially being a flight risk, especially if the trial’s outcome appeared unfavorable.
This assessment took into account SBF’s age and the potential prison sentence he might face.
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Despite the denial of an early release, the judge did grant the former FTX CEO the opportunity to arrive at court early on specific days to consult with his legal team.
The countdown to Bankman-Fried’s trial has entered its final phase, and observers from both within and outside the crypto community eagerly anticipate revelations concerning alleged fraud at FTX and the testimony of former Alameda Research CEO, Caroline Ellison.
In a recent development on September 27th, Judge Kaplan approved some procedural motions, allowing SBF to wear a suit during the trial and permitting the use of an air-gapped laptop in the courtroom for note-taking.
The forthcoming trial on October 3rd will be the first of two legal proceedings that Bankman-Fried will face.
In this initial trial, he confronts seven charges related to the alleged misuse of customer funds in October.
A second trial, scheduled for March 2024, will involve five additional charges.
Throughout these legal battles, SBF has consistently pleaded not guilty to all counts, and the crypto world continues to closely follow these high-profile proceedings.
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