In a recent ruling, the U.S. Court of Appeals for the Second Circuit rejected the latest bid for release by Sam Bankman-Fried, founder of cryptocurrency exchange FTX. Bankman-Fried, found guilty on seven criminal counts, including defrauding customers, lenders, and investors, will remain in custody as he awaits sentencing scheduled for March 28
The court’s decision, outlined in a document dated November 21, cited the defendant’s attempt to tamper with two witnesses ahead of the original trial. Clerk of Court Catherine O’Hagan Wolfe stated, “We have reviewed the defendant-appellant’s additional arguments and find them unpersuasive,” emphasizing that the district court had thoroughly considered relevant factors, including the defendant’s conduct over time, leading to the tightening of release conditions.
The court document revealed that Bankman-Fried sought release pending trial and immediate release pending appeal, a motion opposed by the government. The court upheld the district court’s detention decision, stating there was probable cause to believe the defendant attempted witness tampering, emphasizing that such actions fell outside the protection of the First Amendment.
Bankman-Fried’s argument that the district court failed to consider the court dismissed less restrictive alternatives. It noted the existence of a rebuttable presumption favoring detention due to probable cause of criminal offenses while on pretrial release. The court underscored the district court’s comprehensive review of relevant factors and rejected a proposed alternative limiting the defendant’s communications with the press. The court’s final order read, “Upon due consideration, it is hereby ORDERED that the motion for release pending trial is DENIED. The motion for immediate release pending disposition of this appeal is DENIED as moot.”
FTX’s FTT Token Surges Amidst Legal Battles
Meanwhile, the cryptocurrency market experienced a surge in FTX’s native token, FTT, amid unfolding events at Binance. FTT witnessed a remarkable 55% price rally over the last 48 hours and is currently trading at $4.63, reflecting a 22% increase. The token’s monthly chart reveals a staggering 337% growth, with significant gains occurring in the past 10 days, fueled by accumulation in the top 10 whale wallets.
Investors in FTX’s token are reaping continued benefits as the native token responds positively to recent developments in the cryptocurrency exchange landscape, according to a tweet from Santiment. The top 10 wallets alone accumulated $12.8 million worth of FTT in just 19 days, signaling a bullish trend for FTX’s native token amidst the legal challenges faced by its founder.
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