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SBF lawsuit update: Judge steps down from the case

Judge

TL;DR Breakdown

  • Judge steps down from the SBF case
  • Abrams gives reasons for stepping down
  • SBF released on bail

The Judge that was billed to preside over the case of former FTX boss Sam Bankman Fried has stepped down from the case. According to the report, the Judge cited a conflict of interest in the case. The report claimed that the husband of the presiding attorney has worked as one of the legal representatives advising the crypto exchange arm of the now-defunct firm. The Judge in question, Ronnie Abrams statement comes a day after the FTX boss was released on bail.

Judge Abrams gives reasons for stepping down

The court released Sam Bankman Fried yesterday, and he has been placed on house arrest at his parent’s mansion in Palo Alto. The former CEO of the now-defunct company is looking to argue his case in court as he faces up to eight criminal charges. The charges are bordering on a host of federal offenses.

Abrams submitted an order which claimed her husband had worked with the exchange through his company for some time in 2021. Although the husband did not directly act as a legal aid at any instance, Abrams refused to go ahead with the case to avoid any conflict that might arise in the future as a result of the previous arrangement.

SBF released on bail

The order also mentioned that the company represented other firms that might act as plaintiffs in the case, but Abrams’ husband was not directly involved. With the new development, a new judge within the jurisdiction will be appointed to oversee the high-profile case. However, there has yet to be any news about the appointment timeline. Judges are randomly selected for cases with those who would be in the same position as Abrams exempted. Reports are also asking why Abrams is just coming to terms with that information, as it would be something that she would have known over the days she was assigned the case.

However, there have been counterclaims that judges in these situations always talk to several bodies about what decision to take before they eventually choose to recuse themselves from such cases. Sam Bankman Fried was allowed to go home after a bond worth $250 million was posted for appearance. This means he will be mandated to pay the entire money if he fails to show up in court on any trial dates. Sam Bankman Fried will spend Christmas in his home and begin what can be termed a lengthy legal tussle to know his fate after the new year celebrations.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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