A bold move has been made by U.S. prosecutors as they've proposed to put Sam Bankman-Fried, the bigwig behind FTX, under lock and key until his October trial.
This news arrives amid the ripples created by the fall of his brainchild, the FTX cryptocurrency exchange.
What Happened: In a court hearing in Manhattan, Federal Prosecutor Danielle Sassoon remarked there weren't any "set of release conditions" that could guarantee community safety, as reported by Reuters.
Bankman-Fried was also suspected of trying to sway the court's opinion by leaking the personal writings of a key witness, Caroline Ellison, to a New York Times journalist. Ellison, an integral part of Bankman-Fried's former crypto playground Alameda Research, is set to testify against him.
Why It Matters: This unprecedented episode in the crypto sphere raises eyebrows and a lot of questions about the future of digital currencies. It's a wait-and-watch game now as observers keep their eyes glued to the proceedings, knowing that the outcome could tip the scales in the regulatory environment of cryptocurrency.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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