Breaking: Sam Bankman-Fried arrested after bail review
The disgraced blockchain executive was immediately reprimanded after his bail was revoked the same day.
Founder of bankrupted crypto exchange FTX is set to be arrested in New York on Aug. 11, after a federal judge revoked former his bail for releasing information to New York Times reporters in an alleged attempt to intimidate witnesses.
According to reports of individuals present at the hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail revoked, indicating he will remain in prison until the end of his fraud trial.
Prosecutors have been trying to revoke SBF’s $250-million bail since his arraignment in December 2022.
This is a developing story, and further information will be added as it becomes available.