In a stunning development, the founder of the bankrupt FTX cryptocurrency exchange, Sam Bankman-Fried, had his bail revoked by United States District Judge Lewis Kaplan on Friday. This decision came as the judge found probable cause that Bankman-Fried had tampered with witnesses on multiple occasions, further complicating his upcoming fraud trial scheduled for October.

Bankman-Fried, a 31-year-old former billionaire, is currently facing charges of embezzling billions of dollars in FTX customer funds to cover losses at his Alameda Research hedge fund. Despite pleading not guilty, the revocation of his bail could severely impact his ability to prepare for the trial.

During the hearing, Bankman-Fried's defense team requested a delay in his detention pending an appeal of the bail revocation, but the judge promptly rejected their plea. Consequently, the disgraced entrepreneur was led out of the courtroom in handcuffs by members of the US Marshals Service. Before leaving, Bankman-Fried removed his shoelaces, jacket, tie, and emptied his pockets as per standard procedure.

The courtroom scene was an emotional one, with Bankman-Fried's parents, both law professors at Stanford University, in attendance. His mother tearfully nodded to him, while his father placed a hand over his heart as their son was escorted away. The gravity of the situation was evident as Bankman-Fried's future hangs in the balance.

The decision to revoke Bankman-Fried's bail came after prosecutors accused him of crossing a line by sharing personal writings of his former romantic partner, Caroline Ellison, with a New York Times reporter. Ellison, who was the chief executive of Alameda Research, is expected to testify against him in the trial. Bankman-Fried's lawyers argued that the prosecutors had misinterpreted his intentions and emphasized his right to speak to the press in defense of his reputation.

Since his arrest in December, Bankman-Fried had been confined to his parents' home in Palo Alto, California, with a $250 million bond. However, his communications were strictly monitored as part of his bail conditions. Concerns arose when it was revealed that he had shown Ellison's writings to the reporter during a face-to-face meeting at his parents' residence, fueling suspicions of an attempt to cover his tracks.

The aftermath of Bankman-Fried's actions has drawn significant media attention, notably from the New York Times, which published excerpts from Ellison's personal Google documents on July 20. These documents shed light on her dissatisfaction with her job and the emotional toll of her breakup with Bankman-Fried. The revelations have further complicated matters for the disgraced entrepreneur.

With the trial slated to commence on October 2, the bail revocation represents a significant setback for Bankman-Fried. As the proceedings unfold, further developments are anticipated, and this story will be continuously updated to provide the latest information.