Judges deny Sam Bankman-Fried’s appeal for early release.

The US Court of Appeals has rejected former FTX CEO Sam Bankman-Fried’s appeal for pre-trial release. Bankman-Fried’s attorneys had requested temporary release from jail to review documents before his upcoming trial on October 3. However, the appeals court ruled against this motion on Thursday.

The decision comes after Bankman-Fried was sent to jail in August following accusations of witness tampering. Prosecutors alleged that Bankman-Fried leaked the private diary of his former colleague and ex-girlfriend Caroline Ellison to the New York Times and used an encrypted messaging app to contact a potential witness. The appeals court upheld the district court’s conclusion that there was probable cause to believe Bankman-Fried attempted to tamper with witnesses.

In its ruling, the appeals court also affirmed the district court’s stance that speech intended to commit a criminal offense, such as witness tampering, falls outside constitutional protection. Bankman-Fried now faces the possibility of over 100 years in prison if convicted on multiple charges, including fraud. The allegations involve the misuse of billions of customer assets by Bankman-Fried and other FTX executives for their failed investments. Last year, FTX filed for bankruptcy protection.

Bankman-Fried’s appeal for pre-trial release was based on the need to review documents crucial to his defense before the upcoming trial. However, the court deemed his arguments unpersuasive and denied his motion.

The case against Bankman-Fried has garnered significant attention within the crypto industry, given his previous status as a billionaire and CEO of FTX. Bankman-Fried’s success in the industry has made him a prominent figure, and his arrest and legal battle have raised concerns about the potential impact on FTX and the wider cryptocurrency community.

As the trial date approaches, the outcome of Bankman-Fried’s case will be closely watched by both the cryptocurrency community and the broader financial industry. The charges against him highlight the need for accountability and regulation within the digital asset space as authorities seek to crack down on fraudulent activities and protect investors.