FTX Founder Sam Bankman-Fried Denied Pretrial Release In Cryptocurrency Fraud Case

FTX founder Sam Bankman-Fried bid for pretrial release in the United States, ahead of his trial on fraud charges linked to his cryptocurrency business, has been denied.

Bankman-Fried’s legal team had argued that conditions at the Metropolitan Detention Center in Brooklyn had hindered his ability to prepare a proper defense before the October 3 trial.

However, Judge Lewis Kaplan ruled on Tuesday that any difficulties Bankman-Fried faced in reviewing evidence provided by prosecutors were “of his own making.”

The judge also noted that Bankman-Fried had not requested a trial delay, despite the offer to consider such a request.

Kaplan highlighted that Sam had not specified which materials he was unable to access, emphasizing that no defendant is entitled to review every piece of evidence during the discovery process.

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He pointed out that Bankman-Fried is represented by a capable legal team.

In August, Bankman-Fried had his bail revoked when Kaplan found that he had likely tampered with witnesses, including his former romantic partner and colleague, Caroline Ellison.

Bankman-Fried has argued that he shared Ellison’s personal writings with a New York Times reporter to protect his reputation, not to pressure Ellison.

A three-judge panel from the Second Circuit Court of Appeals is separately considering an appeal against the revocation of Bankman-Fried’s bail.

Ellison, who led Bankman-Fried’s hedge fund Alameda Research, has pleaded guilty to fraud and is expected to testify against her former partner.

U.S. prosecutors have accused Bankman-Fried of embezzling billions of dollars in FTX customer funds to cover losses at Alameda Research, purchase property, and make political contributions.