According to CNN, Sam Bankman-Fried, the former CEO of FTX, will be spending time in prison while he awaits his October trial.

This decision came after a federal judge, Lewis Kaplan, revoked his bail on Friday and ordered that he be temporarily remanded to the Metropolitan Detention Center in Brooklyn.

SBF gets bail revoked

US marshals handcuffed him and accompanied him out of the courtroom. Bankman-Fried is facing allegations of orchestrating a multibillion-dollar fraud scheme, where he supposedly deceived customers and mixed together the funds they deposited into FTX.

He had been out on bail, staying at his parent’s home in Palo Alto, California, after being arrested in December. However, federal prosecutors requested that his bail be revoked and that he be put in detention.

The prosecution has written a letter to Kaplan asking for the FTX founder’s bail to be revoked, citing concerns that he will not comply with his pretrial release conditions.

They highlight Bankman-Fried’s attempts to interfere with witnesses and obstruct investigations, which they believe demonstrate that he is unlikely to follow any conditions of release.

The prosecution argues that no conditions can adequately ensure community safety.

The prosecution’s request comes after Bankman-Fried gave the New York Times personal writings of Caroline Ellison, a former associate who is set to testify against him.

During the hearing, Kaplan criticized this action, stating that it was meant to “hurt, discredit and frighten the subject of the material.”

Bitcoin latest predicitons

The RSI indicator ranges from 0 to 100, with a reading below 30 being considered bullish and over 70 being seen as bearish. The Glassnode co-founders believe that there are potential buyers waiting to purchase Bitcoin at the $28,500 support level and below.

“Bitcoin’s potential retest of $28,500 bottom indicated by RSI.

– Bears holding sway with RSI between 37-50.

– Sub-37 RSI could trigger a strong reversal.

– Demand shows up between $28,500 – $27,800.

Is this the catalyst for the next upward move?”

Stay tuned for more news from the crypto space.

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