FTX Founder Sam Bankman-Fried, Still Detained After Losing In Appeal At US Court

FTX founder Sam Bankman-Fried lost the appeal hearing. (photo: @MinisterOfFTs ·)

FTX founder Sam Bankman-Fried, who is also found guilty in a fraud case, will remain in prison after failing to convince a US appeals court jury to release him during an appeal against his verdict.

In a mandate on November 21, the United States Court of Appeals for the Second Circle stated that Bankman-Fried's previous attempt to intervene with two witnesses when he was temporarily released, before the trial was the main reason for rejecting his request.

"We have reviewed additional arguments from the Defendant-Banding and we find them inconclusive," the court said.

Prosecutors accused Bankman-Fried of causing the cancellation of its guarantees by leaking Caroline Ellison's website to The New York Times in July.

Bankman-Fried argues that the New York court failed to consider its actions considered free speech protected by the First Amendment.

However, the appeals court stated that the New York District Court had properly decided and that an attempt to intervene against witnesses was "outside the constitutional protection zone."

The Bankman-Fried legal team also argued that district courts failed to consider alternatives with fewer restrictions on detention.

The argument was rejected, with the court declaring that district courts were "closely considering" all relevant factors, including Bankman-Fried, when he was in temporary release before trial.

Bankman-Fried was found guilty of seven counts related to fraud and money laundering on November 2. The former CEO of FTX will remain behind bars pending his verdict on March 28 next year.