Kopar Khairane
National

Sam Bankman-Fried, who is he? Due to leaks, the bail for the founder of FTX has been revoked

<p>Sam Bankman-Fried, an American businessman, investor, and alleged fraudster, is also known by his initials, SBF. Together with Gary Wang, he founded the failed cryptocurrency exchange startup FTX.<img decoding=”async” class=”alignnone wp-image-125003″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-sam-bankman-fried-who-is-he-due-to-leaks-the-bail-for-the-founder-of-ftx-has-been-revoked-download-2023-08-12t154318.466-11zon.jpg” alt=”theindiaprint.com sam bankman fried who is he due to leaks the bail for the founder of ftx has been revoked download 2023 08 12t154318.466 11zon” width=”1237″ height=”823″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-sam-bankman-fried-who-is-he-due-to-leaks-the-bail-for-the-founder-of-ftx-has-been-revoked-download-2023-08-12t154318.466-11zon.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-sam-bankman-fried-who-is-he-due-to-leaks-the-bail-for-the-founder-of-ftx-has-been-revoked-download-2023-08-12t154318.466-11zon-150×100.jpg 150w” sizes=”(max-width: 1237px) 100vw, 1237px” title=”Sam Bankman-Fried, who is he? Due to leaks, the bail for the founder of FTX has been revoked 12″></p>
<p>Sam Bankman-Fried was sent back to jail on Friday, less than two months before his trial. This comes after the prosecution claimed that he had interfered with witnesses and violated the conditions of his release.</p>
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<p>Bankman-Fried, 31, has entered a not-guilty plea in connection with the disastrous collapse of his bitcoin business. The charges include breaches of election finance rules, a conspiracy to conduct money laundering, and wire fraud.</p>
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<p>In 2019, Sam Bankman-Fried and Gary Wang launched the cryptocurrency exchange. With nearly a million users at its peak in July 2021, it was the third-largest cryptocurrency exchange by volume.</p>
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<p>Futures Exchange, abbreviated as FTX, is headquartered in the Bahamas. It was established in Antigua & Barbuda. There are connections between FTX and FTX.US, another exchange available to US people.</p>
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<p>Bankman-Fried was ranked as the 41st wealthiest American and the 60th richest person in the world by The World’s Billionaires prior to FTX’s bankruptcy.</p>
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<p>Since December 12, 2022, Bankman-Fried has been held in the Bahamas before being extradited to the US.</p>
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<p>The current CEO of FTX, John J. Ray III, is an expert in recovering money from failing companies. When it comes to FTX, Ray had this to say: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Additionally, he said, “This situation is unprecedented.”</p>
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<p>The US District Judge Lewis Kaplan ordered Bankman-Fried back into federal prison based on “probable cause… that the defendant has committed the federal crime of attempted witness tampering,” according to the ruling.</p>
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<p>The prosecution asserted that Bankman-Fried’s actions as a source for The New York Times constituted to witness intimidation by using a passage from Caroline Ellison’s private writings that was published in the newspaper.</p>
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