The Case Against Crypto Mogul Sam Bankman-Fried is outlined

 The Case Against Crypto Mogul Sam Bankman-Fried is outlined

Sam Bankman-Fried was detained at the request of New York's prosecutors in relation to the failure of his cryptocurrency company.

Sam Bankman-Fried, the creator of the now-defunct cryptocurrency exchange FTX, had his bail revoked by a US court after it was determined that he had repeatedly tried to persuade witnesses against him to testify against him.

The court concluded that Bankman-Fried, 31, had exceeded the parameters of his bail condition to the point where the protection of the prosecution could not be guaranteed without the prisoner's incarceration, according to Judge Lewis A. Kaplan. After the hearing, Bankman-Fried was led handcuffs from the courthouse.

What has taken place in the case so far is detailed below:

On December 12, Bankman-Fried was taken into custody from his condominium in the Bahamas at the request of New York authorities related to the failure of his cryptocurrency firm. After being imprisoned for nine days, he decided not to challenge his extradition to the United States.

In relation to the failure of his cryptocurrency company, the 31-year-old crypto tycoon entered a not guilty plea to accusations of fraud, conspiracy to launder money, and crimes related to the financing of elections. Sam Bankman-Fried was freed in December of last year after posting a $250 million bond. He has spent the most of his time in his parents' Palo Alto, California, residence. 

The terms of Bankman-Fried's bail arrangement limited his phone and internet access.

In the most recent hearing, the prosecution said that Bankman Fried's conduct as a source to the publication amounted to witness intimidation. They cited an article from The New York Times that contained Caroline Ellison's private writings. Caroline Ellison formerly worked at FTX's sister trading business Alameda Research. Ellison, who formerly shared a love relationship with Bankman-Fried, is a cooperating witness for the prosecution.

By talking in-depth about her profession and her connection with Ellison, the prosecution said, Bankman-Fried was attempting to damage his image and sway other witnesses.

In his ruling, Judge Lewis A. Kaplan stated that there was reason to believe Bankman-Fried had attempted to "tamper with witnesses at least twice" given that his arrest in December, most recently by revealing to a reporter the private writings of a key witness in opposition to him and in January when he contacted FTX's general counsel via encrypted communication.

The prosecution for the Crypto mogul had earlier asked Kaplan to impose a gag order, allowing both parties until August 3 to argue why the former millionaire needed to spend time in jail.

A company that had previously been valued by the market at $32 billion collapsed in November of last year when FTX and Alameda Research filed for bankruptcy.