Former FTX CEO SBF faces a setback as his appeal for immediate bail is denied.
Get the latest on the legal developments surrounding Former FTX CEO SBF.
Former FTX CEO Sam Bankman-Fried, popularly known as SBF, lost his first plea to be released on bail ahead of his criminal trial.
Clerk of the Court Catherine O’Hagan Wolfe stated in a Sept. 6 filing in the United States Court of Appeals for the Second Circuit that a circuit judge dismissed a motion from SBF’s legal team asking his immediate release from the Metropolitan Detention Centre in Brooklyn. The lawyers for the former FTX CEO had petitioned the court for SBF’s interim release, stating that the present arrangements aimed at allowing SBF to help prepare for his defence at trial were insufficient due to limited internet access.
“The motion for pretrial release is referred to the next available three-judge panel,” Wolfe explained. “To the extent that Appellant requests his immediate release pending a decision by the three-judge panel, that request is denied.”
Following his extradition from the Bahamas and arraignment in the United States in December 2022, Bankman-Fried was released on a $250 million bond and restricted mostly to his parents’ California home. However, on August 11, a federal judge revoked his bail due to claims of witness intimidation against former Alameda Research CEO Caroline Ellison, with whom SBF had a personal and business relationship.
Following the judge’s decision on bail, Bankman-Fried’s lawyers filed several motions requesting that SBF be given more time to review evidence in the Brooklyn jail visitor’s room as well as the New York courthouse cell block attorney room, where he can be granted access with sufficient notice to the court. The former FTX CEO has about four weeks until his trial begins on October 3.
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