{"id":10528,"date":"2023-08-14T02:20:54","date_gmt":"2023-08-14T02:20:54","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/08\/14\/from-ceo-to-cell-sam-bankman-frieds-bail-revoked-crypto-twitter-erupts\/"},"modified":"2023-08-14T02:20:54","modified_gmt":"2023-08-14T02:20:54","slug":"from-ceo-to-cell-sam-bankman-frieds-bail-revoked-crypto-twitter-erupts","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/08\/14\/from-ceo-to-cell-sam-bankman-frieds-bail-revoked-crypto-twitter-erupts\/","title":{"rendered":"From CEO to Cell: Sam Bankman-Fried&#8217;s Bail Revoked, Crypto Twitter Erupts"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Crypto and <a href=\"https:\/\/nftevening.com\/20-nft-twitter-accounts-you-dont-want-to-miss\/\" target=\"_blank\" rel=\"noopener\">NFT Twitter<\/a> was ablaze on Friday as news broke that Sam Bankman-Fried, the disgraced founder and former CEO of FTX, had his bail revoked. A federal judge ordered his remand to jail on charges of witness tampering, prompting a flurry of reactions from personalities across the crypto industry. Let\u2019s see how Twitter responded!<\/p>\n<p><strong>TL;DR:<\/strong><\/p>\n<ul>\n<li>Sam Bankman-Fried\u2019s bail revoked over witness tampering, triggers Crypto Twitter reactions.<\/li>\n<li>Judge questions effectiveness of gag order, leading to jail remand.<\/li>\n<li>Industry figures weigh in, comparing to past cases, ethical concerns, and also potential implications.<\/li>\n<\/ul>\n<figure id=\"attachment_124155\" aria-describedby=\"caption-attachment-124155\" style=\"width: 719px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" fetchpriority=\"high\" class=\"size-full wp-image-124155\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm.png\" alt=\"court sketch of sam bankman-fried going to jail\" width=\"719\" height=\"532\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm.png 719w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm-300x222.png 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm-76x56.png 76w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm-150x111.png 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm-450x333.png 450w\" sizes=\"(max-width: 719px) 100vw, 719px\"\/><\/noscript><figcaption id=\"caption-attachment-124155\" class=\"wp-caption-text\">IMG Credit: REUTERS<\/figcaption><\/figure>\n<h2><span id=\"Sam_Bankman-Fried_Heads_to_the_Cells\">Sam Bankman-Fried Heads to the Cells<\/span><\/h2>\n<p>The decision to revoke Bankman-Fried\u2019s bail came from New York U.S. District Judge Lewis Kaplan, who expressed doubt that a gag order would suffice in preventing Bankman-Fried from interacting with the media.<br \/>Amidst the reactions, former pharmaceutical executive Martin Shkreli, infamous as the \u201cpharma bro,\u201d remarked on Bankman-Fried\u2019s situation. Shkreli drew parallels to his own past legal troubles and also suggested a possible lengthy prison term for Bankman-Fried.<\/p>\n<p><em>\u201cSucks for Sam. If the past is prologue, he will not see home for 15-30 years,<\/em>\u201d <a href=\"https:\/\/twitter.com\/wagieeacc\/status\/1690099564999475200?s=20\" target=\"_blank\" rel=\"noopener\">tweeted<\/a> former pharmaceutical executive Martin Shkreli.<em> \u201cPlayed a high-stakes game and wanted a shortcut. Doesn\u2019t work that way!\u201d<\/em><\/p>\n<p>Caitlin Long, CEO of Custodia Bank, questioned the ethics of trusting one\u2019s money to an individual who seemingly lacks moral clarity. Further, Long highlighted the risk posed to the bail provided by Bankman-Fried\u2019s parents\u2019 connections.<\/p>\n<p>Some, like Cinneamhain Ventures partner Adam Cochran were less eloquent,\u00a0<a class=\"sc-adb616fe-0 ePvUAp\" href=\"https:\/\/twitter.com\/adamscochran\/status\/1690081168396288000?s=20\" target=\"_blank\" rel=\"noopener\">tweeting:<\/a><\/p>\n<p><em>\u201cTake that, you witness tampering vegan-faking, money stealing, egotistical, delusional, coked-up, fraudulent, orgy-goblin, bean bag sleeping, self-entitled, stuck-up, pudgy little, twatwaffle.\u00a0I hope you enjoy prison.\u201d<\/em><\/p>\n<h2><span id=\"Why_is_SBF_in_Jail\">Why is SBF in Jail?<\/span><\/h2>\n<p>To clarify, the case involves Bankman-Fried sharing documents related to Caroline Ellison, a former CEO of Alameda Research and his former romantic partner. Additionally, Sam Bankman-Fried shared documents with a reporter from The New York Times. The court grappled with the intentions behind this action, with Bankman-Fried claiming a First Amendment right.\u00a0The situation escalated further with accusations of witness tampering through encrypted communication applications.<\/p>\n<p>Bankman-Fried\u2019s legal entanglements trace back to his arrest in the Bahamas in December, following the collapse of FTX cryptocurrency exchange. Furthermore, allegations of fraud and money laundering by the U.S. Securities and Exchange Commission have cast a shadow over his reputation. The <a href=\"https:\/\/nftevening.com\/ftxs-near-collapse-could-kill-solana-nfts-heres-why\/\" target=\"_blank\" rel=\"noopener\">collapse of FTX caused huge problems in the NFT market<\/a>.<\/p>\n<p>In a succinct response, THNDR Games CEO Des Dickerson summed up the sentiment with <em>\u201cBitch, bye\u201d.\u00a0<\/em><br \/>Bankman-Fried\u2019s bail revocation has ignited discussions on ethics, accountability, and the far-reaching consequences of alleged financial misconduct. Finally, as saga continues, the crypto community is closely following the developments.<\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftevening.com\/from-ceo-to-cell-sam-bankman-frieds-bail-revoked-crypto-twitter-erupts\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto and NFT Twitter was ablaze on Friday as news broke that Sam Bankman-Fried, the disgraced founder and former CEO of FTX, had his bail revoked. A federal judge ordered his remand to jail on charges of witness tampering, prompting a flurry of reactions from personalities across the crypto industry. Let\u2019s see how Twitter responded! [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-14-at-12.15.05-pm.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/10528"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=10528"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/10528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/10529"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=10528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=10528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=10528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}