Sam Bankman-Fried, the founder of the now-collapsed cryptocurrency exchange FTX, is reportedly facing difficulties in preparing for his upcoming fraud trial due to inadequate food supplies in prison, according to his lawyer. The claim was made as Bankman-Fried pleaded not guilty to seven criminal charges in a new indictment. His bail had been revoked earlier due to concerns that he attempted to tamper with witnesses. His lawyer stated that Bankman-Fried’s ability to prepare for the trial was hampered by a lack of adequate food, and he was reportedly “subsisting on bread and water.” Additionally, he claimed that Bankman-Fried was not receiving proper medication for ADHD and depression.
Bankman-Fried’s lawyer also highlighted concerns about the conditions in the detention center and the lack of essential medications for his client. The lawyer stated that Bankman-Fried had not been provided with the ADHD drug Adderall and that his supply of the depression medication Emsam was running low.
During a court hearing, Bankman-Fried pleaded not guilty to the charges outlined in the new indictment. The charges include fraud and conspiracy related to the collapse of FTX in November 2022. He is accused of inadequate risk management but has denied stealing funds. Bankman-Fried was once known as “The King of Crypto” and FTX was once the world’s second-largest cryptocurrency exchange, valued at $32 billion.
The situation highlights challenges faced by individuals in the cryptocurrency industry when navigating legal and regulatory issues. It also brings attention to concerns about the treatment of detainees and access to necessary medications and resources in correctional facilities. As the trial progresses, it will likely attract further scrutiny from the cryptocurrency community and legal observers alike.