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Federal Judge Prohibits Bankman-Fried from Reaching Out to FTX and Alameda Employees through Signal

by BlockNews Team
February 3, 2023
in Business, Crypto, Media, Social
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Federal Judge Prohibits Bankman-Fried from Reaching Out to FTX and Alameda Employees through Signal
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  • Federal Judge Lewis Kaplan banned former CEO Sam Bankman-Fried from contacting current and former FTX employees as part of his bail conditions
  • SBF will most likely be banned from claiming FTX and Alameda funds as part of the bail too
  • SBF will face eight criminal counts in an upcoming trial this October

Judge Lewis Kaplan of the Southern District of New York has imposed restrictions on former FTX CEO Sam Bankman-Fried (SBF) as part of his bail conditions. The federal judge has told Bankman-Fried to only come in contact with current or former employees of FTX or Alameda Research if in the presence of counsel.

The judge has also banned Bankman-Fried from using encrypted messaging apps like Signal to communicate with anyone, following claims from prosecutors that he had used the app to reach out to Ryne Miller, the general counsel of FTX US.

The judge cited evidence of SBF’s involvement in the deletion of Slack and Signal communications between FTX and Alameda employees and Signal messages with Miller, among other forms of contact with former and current personnel. The court has yet to decide whether the former CEO will be barred from accessing FTX and Alameda funds, with arguments to be heard in a hearing this February 7.

SBF is facing eight criminal charges, including wire fraud, with his trial set to begin in October. The Justice Department has accused SBF of attempting to access FTX’s funds, while debtors in FTX’s ongoing bankruptcy case have requested subpoenas for information and documents from SBF’s family members.

Fall from Grace

Sam Bankman-Fried, also known as SBF, is a former CEO of the cryptocurrency exchange FTX. The platform started as a cryptocurrency derivatives trading platform and quickly gained popularity among professional traders for its innovative products and user-friendly interface. The exchange expanded its offerings to include traditional financial products, such as stock and commodity futures, and became one of the largest exchanges in the cryptocurrency market.

Bankman-Fried, a former algorithmic trader at Jane Street, is known for his expertise in financial engineering and active presence in the cryptocurrency community. Under his leadership, FTX played a significant role in bringing institutional investors into the cryptocurrency market.

FTX was the fastest-growing crypto exchange in the world and went head-to-head with other giant platforms such as Coinbase, Crypto.com, and Binance. It also provided more investment options than the competition, especially with its crypto-stock section, where users can buy from the stock market anytime.

It was that fateful final quarter of 2022 when everything began falling. From the CoinDesk report regarding dirty trades and malicious acts of using members’ money to Binance CEO Changpeng Zhao pressuring SBF into admitting the liquidity issue of FTX, the company immediately crumbled.

During the first week of November, FTT, the local token of FTX, and Bitcoin (BTC) saw huge sell orders from the platform. It led to a downward spiral, including withdrawal failures and attention from mainstream media. It drove the entire crypto market down, and potential investors left the space for good.

The downfall of FTX will forever be known as one of the biggest blunders in financial history.

Tags: Alameda ResearchCrypto ExchangeFTXSam Bankman-FriedSBF
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