Sam Bankman-Fried, Founder and CEO of the insolvent crypto exchange FTX, has made a return to New York City amidst intensifying legal pressures. 

Bankman-Fried’s arrival in New York comes as prosecutors push for his incarceration and the cryptocurrency exchange founder awaits a court hearing in the Manhattan federal court on Friday, August 11, to determine his fate on getting jail term while he awaits trial. 

Prosecutors Allege Witness Intimidation by FTX CEO

Sam Bankman-Fried’s return to New York follows a request by prosecutors to Judge Lewis A. Kaplan to withdraw the former FTX CEO’s bail. The request stated that Bankman-Fried violated court rules by “harassing a key witness” against his upcoming trial. 

According to prosecutors, Bankman-Fried attempted to ruin Caroline Ellison’s reputation and possibly hinder her willingness to testify while simultaneously gaining the favor of the jurors by giving newspaper media, The New York Times, Ellison’s private writings to publish. 

Caroline Ellison, who is believed to be the key witness in the case against the former FTX Founder, was the previous CEO of Alameda Research and Bankman-Fried’s ex-girlfriend. 

Ellison is reportedly expected to testify at Bankman-Fried’s trial on October 2, and prosecutors have stated that the FTX CEO is looking to “publicly discredit a government witness.” And legal experts are currently at loggerheads on the potential legal consequences of Bankman-Fried’s actions. 

Prosecutors have argued that the former FTX CEO should be charged and locked up while he awaits trial. However, Bankman-Fried’s legal team is attempting to dismiss the motion stating that the evidence comprised “innuendo, speculation, and scant facts.”

FTX, previously labeled the third largest crypto exchange firm globally, was founded in 2017 by Sam Bankman-Fried. The crypto exchange company’s gr

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Author: Scott Matherson

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