Key takeaways:
- SBF will remain behind bars after his legal team was unable to persuade an appeals court in the US to grant him release while he challenges his conviction.
- The New York court disregarded his claim that he was exercising First Amendment-protected free speech.
Sam Bankman-Fried (SBF), the creator of FTX and a convicted fraudster, will remain behind bars after his legal team was unable to persuade an appeals court in the United States to grant him release while he challenges his conviction.
The US Court of Appeals for the Second Circuit stated in a mandate dated November 21 that SBF’s prior attempts to influence two witnesses while under pretrial release were significant factors in its decision to deny his request. The court also stated:
“We have reviewed the Defendant-Appellant’s additional arguments and find them unpersuasive,”
A New York District Court revoked SBF’s bail after government prosecutors charged him with leaking Caroline Ellison’s diaries to The New York Times in July.
According to SBF, the New York court disregarded his claim that he was exercising First Amendment-protected free speech.
However, the appellate court maintained the judgment of the New York District Court, concluding that witness tampering is not protected by the Constitution.
The legal team representing SBF further contended that the District Court neglected to consider a less restrictive detention option.
Rejecting that argument, the court stated that SBF’s pretrial release had been “thoroughly considered” by the District Court along with other relevant factors.
On November 2, SBF was convicted guilty of seven counts connected to money laundering and fraud. The former CEO of FTX will stay in jail until his sentence on March 28 of the following year.
Changpeng “CZ” Zhao, the founder of Binance, has formally stated his intention to leave his position as CEO of the cryptocurrency exchange. This comes just before the US Department of Justice (DOJ) has revealed that it has reached a settlement of $4.3 billion with him. CZ will agree to return to the United States for a period of 14 days and pay a $175 million release bond prior to his sentence on February 23, 2024.
