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Head of collapsed crypto exchange ‘should’ be temporarily released

Head of collapsed crypto exchange 'should' be temporarily released

Bail was recently withdrawn for Sam Bankman-Fried, the former CEO of collapsed crypto exchange FTX. The judge ruled that he did not stick to the agreements made. Bankman-Fried is now behind bars awaiting trial, which begins in October.

His lawyers have since done everything to improve his situation. He lived on bread and water only and had not received any medication for some time. However, the biggest problem, according to the lawyers, is that Bankman-Fried is unable to adequately prepare for his trial in prison.

Lawyers want temporary exemption from SBF

The lawyers are therefore calling for Bankman-Fried’s temporary release. According to the attorneys, prosecutors provided literally “millions of pages and terabytes” of material that the defendant, including Bankman-Fried, should have been informed of.

“We simply believe that probation adequately addresses these issues and protects Bankman-Fried’s right to participate in his trial. Before his bail was withdrawn, he spent 80 to 100 hours a week reading the documents and preparing analyzes that he presented to his lawyers.”

According to Bankman-Fried’s attorneys. However, it remains to be seen whether this will succeed. Bankman-Fried’s bail was actually withdrawn for alleged involvement in witness tampering.

He tried several times to contact former colleagues from FTX and Alameda Research. He also leaked the diary of former colleague and partner Caroline Ellison to a journalist. The judge ruled that Bankman-Fried had gone too far and could no longer be trusted on bail.

Crypto exchange FTX top man needs more time

The lawyers have already complained to the judge, demanding more time outside the cell to prepare for the trial. The judge granted a one-time release of seven hours to spend in a room with his lawyers. According to his lawyers, that is far from enough.

“Mr. Bankman-Fried requires constant access to an internet-enabled computer to read documents, find relevant context for evidence, prepare analyzes and share them with his attorneys. The proposed plan doesn’t come close to that at all.”

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