Former FTX CEO Sam Bankman-Fried is Sent to Jail Pending Trial

FTX founder Sam Bankman-Freed has had his bail revoked by a federal judge and has been placed in custody until the next hearing, which is scheduled for October.

This decision came after the US Department of Justice motioned to reevaluate the conditions of his release.

The agency’s assertion was that while free, Bankman-Fried had been in contact with former FTX.US General Counsel Ryan Miller, reportedly used a VPN to stream the Super Bowl, and shared personal notes from former Alameda Research head Caroline Ellison with the New York Times.

The defense acknowledged the sharing of these records with journalists, though they contested its impact on the witness’s testimony.

Despite arguments from the defense that SBF’s arrest would hinder preparation for the upcoming trial, the court remained unconvinced.