Sam Bankman-Fried, the founder of the now-defunct FTX cryptocurrency exchange, was denied immediate release from a Brooklyn detention facility on Wednesday.

The decision came from the 2nd United States Circuit Court of Appeals in Manhattan ahead of his criminal trial.

Sam Bankman-Fried Lost Bid to Be Freed

Sam Bankman-Fried sought release to better prepare for his upcoming criminal trial slated for October 3. While denying Bankman-Fried’s immediate release request, the 2nd US Circuit Court of Appeals in Manhattan indicated that a forthcoming panel would review the plea.

US District Judge Lewis Kaplan revoked his staggering $250 million bail on August 11, citing likely witness tampering instances. Prosecutors assert that Bankman-Fried pilfered billions from FTX’s customer accounts to offset losses at Alameda Research, his hedge fund.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

The prosecution’s hard stance against him intensified after Bankman-Fried disclosed the personal writings of Caroline Ellison, his former romantic partner and ex-CEO of Alameda Research. He faces charges of fraud and conspiracy, claims he vehemently denies.

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Author: Bary Rahma

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