Sam Bankman-Fried to Be Sent to Jail After Judge Revokes Bail

Sam Bankman-Fried, the founding father of the collapsed cryptocurrency trade FTX, was ordered to jail on Friday after a federal choose in New York revoked his bail, in a dramatic twist lower than two months earlier than the case was set to go to trial.

Mr. Bankman-Fried, 31, had been beneath home arrest at his mother and father’ house in Palo Alto, Calif., since he was arrested in December on fraud fees stemming from FTX’s implosion. However at Friday’s listening to, Decide Lewis A. Kaplan of Federal District Court docket in Manhattan mentioned that association must finish, after prosecutors argued that Mr. Bankman-Fried had given paperwork to the media to intimidate a witness within the case.

The choice was the newest extraordinary improvement in probably the most dramatic company implosions in current reminiscence. FTX rode the highs of the cryptocurrency market to grow to be one of many trade’s main corporations, earlier than submitting for chapter after a run on deposits final fall. Over just some weeks, Mr. Bankman-Fried went from an trade titan courted by politicians and celebrities to a prison defendant dealing with many years in jail.

Santul Nerkar contributed reporting.

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