FTX founder Sam Bankman-Fried returns to New York as prosecutors push for his incarceration
FTX founder Sam Bankman-Fried is returning to New York City for a bail hearing
NEW YORK (AP) — FTX founder Sam Bankman-Fried is returning to New York City for a court hearing Friday that could decide whether the fallen cryptocurrency wiz must go to jail while he awaits trial.
Prosecutors have asked a judge to revoke Bankman-Fried's bail, claiming he tried to harass a key witness in his fraud case. His lawyers insist he shouldn’t be jailed for trying to protect his reputation against a barrage of unfavorable news stories.
The 31-year-old has been under house arrest at his parents' home in Palo Alto, California, since his December extradition from the Bahamas on charges that he defrauded investors in his businesses and illegally diverted millions of dollars' worth of cryptocurrency from customers using his FTX exchange.
Bankman-Fried's $250 million bail package severely restricts his internet and phone usage.
