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Inside the Metropolitan Detention Center, the Brooklyn jail where he is being held, Sam Bankman-Fried, once the head of a multibillion-dollar crypto empire, sounds as if he’s being treated like most inmates there—which is to say, shabbily. Arrested on federal fraud charges in December, after the collapse and bankruptcies of his hedge fund Alameda Research, his crypto exchange FTX, and related companies, Bankman-Fried was out on $250 million bond at first. But the judge overseeing his case revoked bail in August after prosecutors complained of Bankman-Fried’s “escalating evasions of his bail conditions,” and the 31-year-old was jailed.
Nowadays his lawyers have said he’s subsisting on peanut butter sandwiches—alas, Bankman-Fried, who is vegan, can’t eat the “flesh diet” served in jail, one lawyer said. His therapist, who’d also been an executive coach at FTX, wrote the court saying Bankman-Fried had only a small amount of his medications on hand when he was jailed, and needed a consistent supply of Adderall, for ADHD, and Emsam, for depression. (On Monday, his lawyers noted in a filing he’s been getting only a half dose of Adderall.)
With their client’s six-week trial scheduled to start October 3, Bankman-Fried’s lawyers appeared to be leaning hard on his onetime reputation as an intellectual standout as they attempted to get him back out on bail, saying their access to him is limited while he’s jailed.
“This case is highly technical and complex, and we need our client to help us understand the facts and explain many of the issues,” they wrote in Monday’s filing. FTX’s November breakdown, and Bankman-Fried’s arrest the following month, seemed to have everything to do with the opacity and newness of the crypto industry: wild profits, inexperienced investors, often-misunderstood protocols, new technology, etc. Regulators and legislators are examining Bankman-Fried’s actions as they consider new rules for cryptocurrency, while other executives in the sector evaluate whether his trial will taint the industry or help clean it up.
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[Photo: Yuki Iwamura/Bloomberg via Getty Images; Rawpixel (wave, stock chart)]
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Oct 01, 2023 @ 07:13:45
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