Sam Bankman-Fried has definitely lost the trust of American prosecutors. The former king of crypto will have to remain behind bars until March 28, 2024, when his sentence will be pronounced. This is the verdict announced on November 21 by the Court of Appeal for the Second Circuit in response to the appeal filed by SBF’s lawyers. The Court explains the reasons for the rejection.
Crypto king’s appeal called “unconvincing”
Despite the numerous documentaries published on Sam Bankman-Fried, who fell from grace will not see the end of the tunnel until he has crossed it. The last attempt by his lawyers to get him out of trouble resulted in nothingness.
In fact, this Tuesday the Court announced that it rejects SBF’s appeal, the crypto genius. She upheld the district court’s decision on her request for release. The statement said the Court “thoroughly considered the defendant-appellant’s additional arguments” and found them “not persuasive.”
The Court noted that the tribunal “considered all relevant factors, including the defendant-appellant’s behavior over time.” She also added that the former crypto king’s attempt to influence the trial “forced the court to repeatedly toughen the release conditions.”
Under house arrest in January 2023, the former boss of the crypto exchange FTX had actually tried to suborn two witnesses. His attempt to influence the trial resulted in his bail being revoked in October.
The king of crypto SBF will remain deprived of his liberty until March 28
The U.S. Court of Appeals has said it is committed to ensuring that legal proceedings are conducted fairly and without compromise. His rejection of the appeal by SBF’s lawyers means that the latter will remain locked up until his sentence is handed down.
According to the official schedule, the last hearing relating to the case of the collapse of the crypto exchange FTX will be held on March 28. The accused, who risks up to 110 years of criminal imprisonment, will therefore have to wait another four months to know the fate reserved for him. His attorneys expressed regret noting that the district court has no less restrictive option than detention.
And if they deplore the response of the Court of Appeal, the crypto market seems to be particularly happy about it. The price of FTT, FTX’s cryptoexperienced an increase of 35% as soon as the Court of Appeal’s decision was announced.
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