Bankrupt cryptocurrency exchange FTX founder Sam Bankman-Fried was sent to jail on Friday after his bail was revoked at a hearing in New York City. A U.S.
Bankman-Fried is also accused of directing former Alameda chief executive officer Caroline Ellison to mislead the fund’s creditors about the money it had borrowed from FTX, in order to convince them not to recall their loans. Ellison has pleaded guilty and is expected to testify at trial.Donald Trump returns to New York court after fiery start to fraud trial
Bankman-Fried is expected to argue that FTX’s Terms of Service did not prohibit the exchange from using customer funds for its own purposes, as long as it allowed users to withdraw their money. He has acknowledged inadequate risk management, but denied stealing funds.
Prosecutors also dropped one count of conspiring to violate U.S. election laws after the Bahamas said it never intended to extradite him to face trial on that charge. Prosecutors have said they intend to argue at his Oct. 3 trial that his political donations were a part of his wider-ranging fraud scheme.Viewed
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