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It has just been a day since federal prosecutors prosecuting cryptocurrency mogul Sam Bankman-Fried announced that they were dismissing a claim that he violated campaign finance regulations. And today, prosecutors want the founder of the defunct FTX cryptocurrency exchange, detained until his October fraud trial, accusing him of attempting to intimidate witnesses and alter their testimony.
Detention Ahead Of Fraud Trial
The matter gained attention following a New York Times article published on July 20, revealing excerpts from personal Google documents belonging to Caroline Ellison, Bankman-Fried’s ex-partner, which were shared with the reporter by Bankman-Fried himself. This move, prosecutors argue, constitutes an effort to intimidate witnesses, amounting to witness tampering.
According to the Department of Justice (DOJ), Bankman-Fried’s act of revealing Ellison’s documents aims to harass her and influence her testimony, and potentially dissuade other witnesses from testifying by threatening the exposure of their private affairs.
Although Bankman-Fried’s attorney, Mark Cohen, claims that his client was just expressing his right to publicly defend himself, the DOJ claims that Bankman-Fried’s activities went beyond making fair comments and were a premeditated attempt to influence witnesses and disrupt a fair trial.
Also Read: Crackdown In China’s Blockchain DAO Organization With Core Members Arrested
SBF Under House Arrest
SBF has been predominantly under house arrest at his parents’ home in Palo Alto, California, since his extradition from the Bahamas in December 2022. His bail includes a $250 million bond.
The charges against Bankman-Fried arise from one of the largest financial crimes in US history, according to authorities. According to CNN, Bankman-Fried devised a vast conspiracy in which he stole deposits from his cryptocurrency exchange FTX to finance dangerous bets at his hedge fund, funnel payments to American politicians, and fund a luxury lifestyle for himself and his workers in the Bahamas. This high-stakes case underscores the ongoing complexities and regulatory scrutiny faced by the burgeoning cryptocurrency industry.
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