Appeal Court Punts on Bankman-Fried's Bid to Secure Release from Jail

The one-time crypto exchange executive has made several arguments to get out of jail before his trial.

AccessTimeIconSep 19, 2023 at 4:00 p.m. UTC
Updated Sep 20, 2023 at 5:00 p.m. UTC

An appeals court on Tuesday punted on former FTX CEO Sam Bankman-Fried's appeal to end his pre-trial detention on federal fraud charges, two weeks before the start of his trial.

A panel of judges from the 2nd U.S. Circuit Court of Appeals said they would take both sides' arguments "under advisement.

The delay is the latest in a string of disappointments for Bankman-Fried, who has failed to secure the end of his pre-trial detention since landing in prison in early August. His lawyers have argued their client can’t properly prepare his defense from jail. On the other hand, prosecutors argue he poses a threat to witnesses when out on bail – and the judge overseeing his case agreed.

Should this appeal be denied, it's unlikely that Bankman-Fried will have a meaningful chance of getting out of jail before his trial starts on October 3.

Bankman-Fried was sent to the Metropolitan Detention Center in Brooklyn after a court determined he had broken the conditions of his bail by allegedly tampering with key witnesses in the government's case against him, including his former romantic partner and Alameda Research CEO Caroline Ellison.

Edited by Danny Nelson.


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Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.

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