Feb 17, 2023

FTX CEO’s Bail Revocation “Conceivably” Possible After Probable Witness Tampering

Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, could be sent back to jail until his trial in October if a federal judge rules that there is “probable cause” to believe he has engaged in attempted witness tampering.

During a Feb. 16 hearing on Bankman-Fried’s bail conditions, Judge Lewis Kaplan said there was “probable cause to believe that he has committed or attempted to commit a federal felony while on release, namely witness tampering.”

The judge suggested that this could “conceivably” see the FTX founder sent back to jail until his trial in October.

In a Feb. 17 tweet, law professor Richard Painter expressed his disbelief at the situation, noting: “Hey Crypto Bro: Witness tampering while out on bail is a great way to go right back to jail.”

On Feb. 15, prosecutors asked Judge Kaplan to further restrict Bankman-Fried’s device usage to a single monitored computer and cellphone, citing his recent device usage as cause for concern.

During the hearing, Judge Kaplan suggested that it was naive to believe that these restrictions would stop Bankman-Fried from using the internet, given that he is living with his two parents, who both have laptops and cellphones.

The former FTX CEO has been prohibited from using certain messaging apps since Feb. 9, after he was found to have contacted potential witnesses. He was also temporarily banned from using a VPN after prosecutors accused him of using it on two occasions, on Jan. 29 and Feb. 12.

The VPN ban was not extended at the Feb. 16 hearing.

Bankman-Fried’s lawyers argued that they need him to be able to work on his defense, claiming: “We cannot go through these extensive financial records without him.”

The case has attracted a great deal of attention from the crypto community, with many expressing disbelief that Bankman-Fried is yet to have his bail revoked under the circumstances.

NFTs have been a major talking point in the crypto world in recent months, and Sam Bankman-Fried has been at the forefront of the trend. The former FTX CEO has been actively promoting the use of NFTs, and has been vocal about the potential of NFTs to revolutionize the web3 space.

As a result, Bankman-Fried has become a major figure in the NFT marketing space, and has been using Twitter to promote his own NFTs and those of other creators. He has also been working with a number of NFT marketing agencies and web3 agencies to help promote NFTs and help creators sell them.

At this point, it remains to be seen whether Bankman-Fried’s bail will be revoked or not. Regardless of the outcome, it is clear that the web3 space has been greatly influenced by Bankman-Fried’s work, and his presence in the NFT marketing space will continue to be felt for a long time to come.

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