FTX's SBF hits his lowest point yet
And the disgraced crypto entrepreneur has room to fall yet.
On Saturday Sam Bankman-Fried was sent to jail after his bail was revoked. It's hard to call this the beginning of the end for Bankman-Fried but, as far as his legal woes go, it may be the end of the beginning.
And it was a diary that did him in.
Since being arrested last December on charges related to the stunning collapse of FTX, the crypto entrepreneur has been living under house arrest at his parents' $7.5 million California mansion. That was arranged thanks to an enormous USD250 ($386 million) million bail.
Bankman-Fried, who goes by SBF, spent too much of that time talking to journalists. That was the decree of Judge Lewis A. Kaplan of Federal District Court in Manhattan, who will preside over Bankman-Fried's October fraud trial, the New York Times reported. Judge Kaplan revoked SBF's bail on Friday (Saturday Australian time) on the grounds that Bankman-Fried's frequent conversations with reporters amounted to witness tampering.
Both of SBF's parents were present to see the 31-year-old remove his shoelaces, jacket and tie before being handcuffed and led to Metropolitan Detention Center in Brooklyn. His mother, Barbara Field, was reportedly in tears.
