Sam Bankman-Fried,31, the founder of FTX, a once-powerful cryptocurrency exchange, was known as the “Crypto King. On Friday, his bail was revoked by US District Judge Lewis Kaplan, who accused him of leaking his ex-girlfriend’s love letters to a media outlet.
He was indicted in December 2022 for fraud. And has been under house arrest at his parents’ mansion in Palo Alto, Calif. on a $250 million bond.
Bankman-Fried is being accused of swindling customers out of billions of dollars. He is alleged to have misused billions in FTX customer funds to fund a lavish lifestyle, as well as funneling client money to Alameda. And spent millions on lobbying and contributions to US politicians.
The once-respected figure in the crypto world is accused of leaking the personal love letters of his ex-girlfriend and former business associate, Caroline Ellison, to a New York Times reporter.
This leak led to his bail being revoked by Judge Kaplan, who concluded that Bankman-Fried’s actions jeopardized the trial proceedings.