FTX founder Sam Bankman-Fried is poised to serve jail time.
Based on findings, U.S. District Judge Lewis Kaplan concluded there exists credible evidence that Bankman-Fried was involved in witness tampering on multiple occasions, leading to the decision to revoke his bail.
Previously under house arrest in Palo Alto, California since the previous December, Bankman-Fried's situation was further complicated by a series of information leaks.
Kaplan stated that a gag order wouldn't be a feasible solution in the long run, especially when it comes to someone who constantly challenges and tests the limits.The defense is not backing down. Bankman-Fried's attorney has already announced intentions to appeal the bail revocation, requesting a delay in his client's detention pending the outcome of the appeal. Yet, this request was swiftly denied by Judge Kaplan.
Bankman-Fried refuted allegations of witness tampering ahead of his upcoming fraud trial.
As reported by U.Today, he was released from Manhattan federal court on a $250 million personal recognizance bond back in December.