Former FTX CEO Sam “SBF” Bankman-Fried will remain in jail at least until the start of his Oct. 3 criminal trial following an order from a federal judge.
In a Sept. 28 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan denied a motion from SBF’s legal team requesting the former FTX CEO be given temporary release in order to prepare for his trial. Bankman-Fried’s lawmakers had made repeated attempts to argue for release since Kaplan revoked his bail on Aug. 11 due to allegations of witness intimidation. The matter twice went to an appellate court without success for SBF’s team.
Kaplan reportedly suggested that SBF might be a flight risk if “things begin to look bleak” at trial, considering his age and potential prison time. Though the judge denied SBF an early release, he added that the former FTX CEO will have the opportunity to arrive at court early on certain days to confer with his legal team.
The final preparations for Bankman-Fried’s trial are underway as many in and out of the crypto space await revelations related to alleged fraud at FTX as well in the testimony of former Alameda Research CEO Caroline Ellison. On Sept. 27, Judge Kaplan granted some “housekeeping” motions allowing SBF to wear a suit at trial in addition to using an air-gapped laptop in the courtroom for taking notes.
The Oct. 3 trial will be the first of two for Bankman-Fried. He will face seven charges related to the misuse of customer funds in October and five additional charges at a second trial scheduled for March 2024. SBF has pleaded not guilty to all counts.
Charles O. Parks III, who admitted to misusing $3.5 million worth of resources from two cloud computing providers to mine crypto, was sentenced to one year and one day in prison.
If there’s one thing the past 24 hours has confirmed, it’s that it’s still Donald Trump’s world, and we’re all just living in it.
In the aftermath of the Alaska meeting, the US president’s deal-making skills came under question when he seemingly walked away empty-handed.
But it was clear he had retained his ability to catch everyone off guard, as a meeting between him and President Volodymyr Zelenskyy unexpectedly became a last-minute White House peace summit.
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0:56
Ukraine faces biggest challenge yet ahead of White House talks
The invitation to European leaders drifted out, and within hours, the cast list had grown to include six more, as world leaders dropped everything to fit in with Mr Trump’s unpredictable timetable.
There were signs of disorganisation behind the scenes.
When the British Prime Minister’s spokesman was asked who the invite had come from – the White House or the Ukrainian president – they replied: “A bit of both.”
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2:09
What happened when Zelenskyy last went to White House
Meanwhile, the meeting of the coalition of the willing – a Starmer and Macron-led group of Ukraine’s European allies – had a nervous feel to it as members resolved to stand firm with Ukraine – even if it puts them at odds with the US.
At times, it sounded like they were trying to convince themselves they could do it.
And as all of this frantic diplomatic reaction played out, the man in the middle of it all headed to the golf course – calm at the centre of the diplomatic storm he created as his allies swirl around him.
Sir Keir Starmer is straining his diplomatic sinews to simultaneously praise Donald Trump’s efforts to end the war in Ukraine, while repeating calls for a completely different approach – one which ends the cosy bonhomie with Vladimir Putin, threatens the Russians with sanctions, and puts the Ukrainians back centre stage.
If that’s a message which feels like quite a stretch in writing, in person, during this morning’s call of international leaders, it must have been even more awkward.
Donald Trump‘s public dismissal of the Europeans’ previous calls for a ceasefire – after his tete-a-tete with Putin – has only highlighted divisions.
Of course, the prime minister and his European allies have no choice but to keep their criticism of the Alaskan summit implicit, not explicit.
Image: Donald Trump and Vladimir Putin after their private meeting in Alaska. Pic: Reuters/ Kevin Lamarque
Even as they attempt to ramp up their own military preparedness to help reinforce any future peace deal, they need President Trump to lead the way in trying to force President Putin to the negotiating table – and to back up any agreement with the threat of American firepower.
For Downing Street, President Trump’s new willingness to contribute to any future security guarantee is a significant step, which Starmer claims “will be crucial in deterring Putin from coming back for more”.
It’s a commitment the prime minister has been campaigning for for months, a caveat to all the grand plans drawn up by the so-called Coalition of the Willing.
While the details are still clearly very much to be confirmed, whatever comments made by Donald Trump about his openness to help police any peace in Ukraine have been loudly welcomed by all those present, a glimmer of progress from the diplomatic mess in Anchorage.
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Of course, the promise of security guarantees only means anything if a peace deal is actually reached.
At the moment, as the European leaders’ bluntly put it in repeating Donald Trump’s words back to him: “There’s no deal until there’s a deal.”
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8:31
Wallace: Putin ‘laughing all the way home’
Fears of Zelenskyy being painted as warmonger
There is clearly real concern in European capitals following the US president’s comments that the onus is now on Volodymyr Zelenskyy to ‘do a deal’, that the Ukrainians will come under growing pressure to make concessions to the Russians.
As former defence secretary Ben Wallace said: “Given that Donald Trump has failed to deliver a deal, his track record would show that Donald Trump then usually tries to seek to blame someone else. I’m worried that next week it could be President Zelenskyy who he will seek to blame.
“He’ll paint him as the warmonger, when in fact everybody knows it’s President Putin.”
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The European leaders’ robust statements describing the “killing in Ukraine” and Russia’s “barbaric assault” are an attempt to try to counter that narrative, resetting the international response to Putin following the warmth of his welcome by President Trump – friendlier by far than that afforded to many of them, and infinitely more than the barracking President Zelenskyy received.
They’ll all be hoping to avoid a repeat of that on Monday.