A billionaire is under house arrest: American authorities accuse Sam Bankman-Fried, founder of crypto exchange FTX, of systematic fraud and money laundering. He is currently awaiting his trial. But because he doesn’t follow the rules, the court is now threatening to revoke some of his privileges: They could even take away his beloved League of Legends (LoL) from him.
Who is Sam Bankman Fried? SBF was once considered a star of the crypto scene. In 2019 he founded the crypto exchange FTX together with a friend from university. The company quickly became a huge success. Within a few years, FTX secured billions of dollars in investments and SBF made a fortune. The company has grown into one of the largest trading and investment platforms in the crypto sector in recent years.
SBF then made its company known to the general public through sponsorship:
SBF is a big gaming fan himself. At a video conference with a major investor, Sam Bankman-Fried reportedly secretly played League of Legends instead of focusing on the meeting.
In November 2022, the company ran into liquidity problems. FTX filed for bankruptcy after a takeover bid by another crypto exchange was withdrawn. Many private investors lost their money and SBF is accused of defrauding its customers and investors.
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Court threatens to restrict Internet access for not following the rules
What crimes is he accused of? The American authorities charge Bankman-Fried with 8 serious crimes. The complaint alleges, among other things, “wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundring”.
In our legal system, these allegations correspond roughly to the offenses of telecommunications fraud, telecommunications fraud conspiracy and securities fraud, and securities fraud conspiracy and money laundering, respectively.
Sam Bankman-Fried faces up to 115 years in prison if convicted on all charges. However, SBF pleaded “not guilty” in a first hearing, so there will soon be a big hearing.
What did the court order? He is out on bail and under house arrest until the trial begins. He is currently serving this house arrest in his parents’ house.
In poor circumstances he does not live at home. His parents, Joseph Bankman and Barbara Fried, live in a multimillion-dollar mansion in Palo Alto, Calif. (via Insider). He has to wear an ankle bracelet and his communication options are limited.
Sam Bankman-Fried is only allowed to use his cell phone and computer to communicate with his lawyers.
After Bankman-Fried was caught using a VPN client to secretly watch the Superbowl, authorities are now threatening further restrictions on his access to electronic devices.
In order to check whether he is complying with the judge’s orders, the authorities are requiring electronic monitoring of his devices. Sam Bankman-Fried would then only have access to his Gmail account, Zoom and SMS. He may use these means to contact his lawyers.
The authorities want to prevent SBF from contacting witnesses at all costs. That’s why he’s no longer allowed to play LoL, because he could theoretically use the chat in the MOBA to influence witnesses and compromise the process.
These restrictions are likely to displease SBF. The “League of Legends” enthusiast will have to do without his favorite game in the future. The US site Kotaku, which is critical of capitalism, already etches: SBF must find another way to relax. Maybe his parents could buy him a Nintendo Switch. It’s doing so badly online that the court might turn a blind eye.
In order to avoid further trouble with the courts, SBF should prefer to play single-player games in the future. If he is convicted, he will have to find a new hobby in prison anyway.
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