News

FTX Founder Bankman-Fried Might Face Pre-Trial Jail Time As Prosecutors Cite Intimidation Tactics

Prosecutors claimed FTX founder SBF should be jailed before trial as he is attempting to intimidate witnesses and influence their testimony.
Published by
FTX Founder Bankman-Fried Might Face Pre-Trial Jail Time As Prosecutors Cite Intimidation Tactics

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.

Advertisement

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

Advertisement

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.

Also Read: Binance And CEO CZ Facing Intense Scrutiny In Euro Area Amid Banking Woes: WSJ

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal

In the latest XRP news, Ripple has introduced 'Ripple Prime,' which it plans to integrate…

October 24, 2025
  • News

Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data

Traders are betting on the FOMC to make two more rate cuts this year following…

October 24, 2025
  • News

Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill

Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to…

October 24, 2025
  • Bitcoin News

Breaking: U.S. CPI Comes In Lower Than Expectations, Bitcoin Rises

The U.S. CPI inflation data came in below expectations, increasing the odds of two more…

October 24, 2025
  • Uncategorized

Bitcoin Crash Incoming? Tom Lee Backs Peter Brandt’s 50% Decline Prediction Despite Strong ETF Inflows

BitMine’s Tom Lee and veteran trader Peter Brandt have both warned of a potential 50%…

October 24, 2025
  • News

Breaking: JPMorgan Enables Institutions to Use Bitcoin, Ethereum as Collateral

In a ground-breaking Bitcoin news development today, financial giant JPMorgan on Friday said it plans…

October 24, 2025