The former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), will have to remain in jail pending his sentencing and a possible appeal. This comes after the court recently ruled on his request for bail.
Court Upholds Sam Bankman-Fried’s Bail Revocation In a mandate dated November 21, the Appellate Court once again upheld the decision to revoke SBF’s bail. The court based the mandate on the Appellate Court’s findings back in September when SBF’s lawyers appealed Judge Kaplan’s ruling on the bail revocation. Then, the Circuit Judges found that Judge Kaplan was right in concluding that the defendant attempted to tamper with witnesses.
The witness tampering formed the sole ground for affirming his detention order at the time. This time around, it also stands as the reason why the court seems to be rejecting Bankman-Fried’s request for release. His lawyers are possibly arguing for a release with the intention of appealing his conviction. However, the court found these arguments unpersuasive.
From the court’s order, it seems there is still the belief that Sam Bankman-Fried could tamper with witnesses, especially if he plans to appeal his conviction. As such, he will remain in jail for the foreseeable future.
The FTX founder’s sentencing is scheduled to take place on March 28, 2024. Meanwhile, no notice of appeal is yet to be filed in his case.
FTT price recovers as sentiment improves | Source: FTTUSDT on Tradingview.com Post-Trial Motions Still To Come Sam Bankman-Fried’s lawyers were due to file their post-trial motions on November 20. However, that didn’t happen. Instead, they asked for an extension of time until December 1 to file these motions, which Judge Kaplan granted. Following the grant of the request, the defense is expected to file their motions on or before December 1.
Following that, the government’s response will be due on December 22, and the defense will have the right to reply on or before January 8, 2024. As to what to expect from the defense, the motions will boil on them, asking the court to reconsider the verdict. Some of the commonest motions to that effect are one for a new trial, to vacate, or to set aside the verdict.
The motions they file will give an idea as to whether Bankman-Fried has conceded defeat or still plans to appeal the verdict at the appellate court.
Meanwhile, some legal experts have weighed in on that happening and how it could affect the number of years that is meted out to him. Sam Bankman-Fried faces a maximum sentence of 110 years, but that could be greatly reduced depending on several factors.
Featured image from OpenSecrets, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.