Sam Bankman-Fried’s Appeal for Release on Bail Denied by Circuit Judge

Sam Bankman-Fried’s request for release on bail pending his criminal trial has been denied by a circuit judge. Clerk of the Court Catherine O’Hagan Wolfe revealed on September 6 that the judge rejected a motion from Bankman-Fried’s legal team seeking his immediate release from detention. The defense argued that the current conditions, including limited internet access, hindered their ability to adequately prepare for the upcoming trial.

Bankman-Fried’s lawyers have been engaged in a legal battle over his detention conditions for several weeks, claiming that he cannot properly prepare for the October trial while incarcerated. This motion is separate from their appeal regarding the revocation of his bail by Judge Lewis Kaplan, which occurred in early August due to witness tampering allegations.

Bankman-Fried, the founder of a collapsed crypto exchange, is facing multiple financial crime charges. He was previously out on a $250 million bond but had his bail revoked after allegations of witness intimidation. The prosecution alleges that he misappropriated customer funds to cover losses at his hedge fund.

The Court of Appeal’s decision means that Bankman-Fried will remain in custody while awaiting further proceedings, adding another chapter to his ongoing legal saga.