News Update


FTX founder Bankman-Fried is living on bread and water, according to his lawyer.

Mr Bankman-Fried made the accusation after pleading not guilty to seven criminal charges in a new indictment.

Two weeks ago, his bond was revoked.

The judge stated at the time that “there is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice.”

Mark Cohen, the former billionaire’s lawyer, said a lack of proper meals at Brooklyn’s Metropolitan Detention Center was impeding his client’s ability to prepare for his October trial.

According to his lawyer, Mr Bankman-Fried was “surviving on bread and water.”

Mr Cohen further stated that Mr Bankman-Fried had not been provided with the ADHD medication Adderall and that his supply of the depression medication Emsam was running short.

Magistrate Judge Sarah Netburn stated that she will request that the US Justice Department’s Bureau of Prisons, which operates the institution, address the medication issues with Mr Bankman-Fried.

Judge Netburn noted that she was “reasonably confident” the facility had vegetarian cuisine but was unsure whether vegan food was available.

According to the Bureau of Prisons, detainees have access to “appropriate” healthcare, medication, and hot meals.

He pleaded not guilty to seven criminal allegations contained in a fresh indictment during a court hearing in fresh York on Tuesday.

Mr Bankman-Fried, dubbed “The King of Crypto” in the past, was taken into court wearing leg restraints and a beige prison outfit.

His first court appearance after his bail was revoked on August 11th.

Mr Bankman-Fried was sentenced to prison after revealing to a journalist the personal writings of his former romantic girlfriend and colleague, Caroline Ellison.

Ms Ellison, the former CEO of Mr Bankman-Fried’s trading firm Alameda, has entered a guilty plea and consented to testify against him.

Mr Bankman-Fried was accused in the new indictment with seven charges of fraud and conspiracy in connection with the collapse of FTX in November 2022.

It does not, however, charge him with conspiring to break US campaign funding laws.

He entered a not guilty plea to the allegations.

Mr Bankman-Fried admitted that FTX’s risk management was weak, but he denied taking the monies.

FTX was once the world’s second largest cryptocurrency exchange, with a market capitalization of $32 billion (£25 billion).

On November 11, it filed for bankruptcy, sending shockwaves across the cryptocurrency industry.


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