Court Upholds Revocation of Sam Bankman-Fried’s Bail
The former CEO of the now-defunct crypto exchange FTX, Sam Bankman-Fried (SBF), has been denied bail and will remain in jail until his sentencing and a potential appeal. The court upheld the decision to revoke SBF’s bail based on previous findings that he attempted to tamper with witnesses. This is the main reason why the court rejected his request for release and believes he could continue tampering with witnesses if he appeals his conviction. SBF’s sentencing is scheduled for March 28, 2024, and there has been no notice of appeal filed yet.
Post-Trial Motions Delayed
SBF’s lawyers were supposed to file their post-trial motions on November 20 but requested an extension until December 1, which was granted by Judge Kaplan. The defense is expected to file their motions by December 1, followed by the government’s response on December 22, and the defense’s reply on or before January 8, 2024. The motions will likely ask the court to reconsider the verdict and could indicate whether SBF plans to appeal or concede defeat. Legal experts have speculated that SBF’s potential sentence of 110 years could be significantly reduced based on various factors.
Hot Take: SBF Remains in Jail as Bail Revocation Is Upheld
The court’s decision to uphold the revocation of Sam Bankman-Fried’s bail means that he will remain in jail until his sentencing and any potential appeal. The court believes that SBF poses a risk of witness tampering if he were released, especially if he decides to appeal his conviction. This development further complicates SBF’s legal situation and raises questions about the outcome of his case. As we await the filing of post-trial motions and potential appeals, it remains uncertain how this will impact the length of SBF’s sentence. The crypto community continues to closely follow this high-profile case.
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