In a recent decision, Federal Judge Lewis Kaplan has invalidated the bond of Sam Bankman-Fried, the creator of FTX, due to his witness interference actions. As a result, Bankman-Fried has been ordered to remain in protective custody pending his criminal trial, scheduled to begin on October 2.

Prosecutors, in fact, had been working toward revoking the $250 million bail that had allowed Bankman-Fried to remain at large since his December 2022 appearance.

Notably, Bankman-Fried faces charges related to the misappropriation of funds belonging to FTX clients, used for the purpose of covering losses incurred in his investment fund, known as Alameda Research.