Bankman-Fried is charged for witness tampering at least twice (Image: twitter.com/FTX_Official)

Sam Bankman-Fried, the CEO of the cryptocurrency exchange FTX, has been sent to jail following the cancellation of his bail application on fraud charges.

Bankman-Fried is charged for witness tampering at least twice. And the court points out a reasonable suspicion.

He has been in house arrest since December 2022 awaiting trials on fraud and money laundering charges.

Samuel Benjamin Bankman-Fried, also known by the initials SBF, is a 31-year-old American entrepreneur and investor.

Bankman-Fried along with Caroline Ellison and other former employees of Jane Street started the trading firm Almeda Research in 2017, in California’s Berkeley. Bankman-Fried then co-founded the cryptocurrency exchange FTX with Ziaxiao “Gary” Wang within Almeda Research in 2019.

Bankman-Fried is now charged for fraud, conspiracy to commit money laundering and conspiracy to misuse customer funds. He has also been charged with four additional counts of fraud, including unlawful political contributions leading up to the 2022 midterm elections, reported The Statesman. 

The verdict was delivered by Lewis Kaplan, a US district judge, in a hearing at the federal court in Manhattan.

‘There is no condition or combination of conditions of release that will assure that the defendant will not pose a danger to other persons or the safety of the community’, said Mr Kaplan in the order.

Bankman-Fried has admitted the usage of VPN software to watch an NFL game, The Statesman reported.  He was free on a $250 million bail. But he allegedly contacted a witness over the encrypted messaging platform Signal.

His parents, Joseph Bankman and Barbara Fried, both law professors at Stanford University, were also present at the court gallery at the time of trial.