Sam Bankman-Fried’s attorney claims that Bankman-Fried is finding it difficult to prepare for his upcoming fraud trial because he is not getting enough meals in prison. This assertion was made concurrently with Bankman-Fried’s not-guilty plea to seven felonies included in a fresh indictment.
Bankman-Fried’s bail was canceled a fortnight ago, with the judge stating that there was reasonable suspicion that he had made at least two attempts to tamper with witnesses. According to Mark Cohen, the former billionaire’s attorney, his client’s capacity to prep for his October trial is being hampered by the inadequate meals provided by Brooklyn’s Metropolitan Detention Center. Cohen stated that Bankman-Fried was living on water and bread. Cohen added that Bankman-Fried’s supply of the medicine Emsam, which treats depression, was running low and that he had not been given the Adderall medication for attention deficit hyperactivity disorder (ADHD).
Judge Sarah Netburn assured that she would liaise with the Justice Department’s Bureau of Prisons, the governing body of the detention facility, to address the issues concerning Bankman-Fried’s medical regimen. She conveyed her belief that the facility offered vegetarian diets, although she remained uncertain about the availability of vegan options.
The Prisons’ Bureau asserted that the detainees’ health needs were being duly met, including the provision of medicine and balanced meals.
During the court proceedings in New York, Bankman-Fried reiterated his plea of not guilty in response to the seven distinct charges detailed in the renewed indictment. The former “Crypto King” made his entrance to the courtroom restrained in ankle shackles and clad in the standard-issue beige prison uniform.
This appearance marked his first since his bail was revoked on Aug. 11, 2023.
The series of events leading to his imprisonment began with the revelation that Bankman-Fried had shared personal writings of his former partner and Alameda trading firm colleague, Caroline Ellison, with a journalist. Ellison, the former chief executive of the firm, has admitted guilt and agreed to serve as a witness against him.
Although the new indictment maintains seven counts of fraud and conspiracy linked to the FTX collapse in November 2022, it notably omits previous allegations of conspiring to breach U.S. campaign finance regulations. While acknowledging FTX’s inadequate risk management, Bankman-Fried vehemently denied any embezzlement of funds.
FTX, which had once claimed the status of the world’s second-largest crypto exchange with an estimated value of $32 billion, ultimately filed for bankruptcy protection on November 11, 2022, triggering significant reverberations throughout the crypto market.
The crypto market and its major actors such as Canaan Inc. (NASDAQ: CAN) have since rebounded to a large degree from the collapse of FTX.
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